
- You are here:
- Home
- Court Decisions
- UNITED STATES 28 August 2020 TBC Consultoria
UNITED STATES 28 August 2020 TBC Consultoria
United States District Court, Southern District of New York, 28 August 2020, 17 Civ. 3145 (PGG)
(TBC Consultoria em Investimentos Financeiros Ltda. v. Gradual Corretora de Cambio, Titulos e Valores Mobiliarios S.A.)
UNITED STATES 28 August 2020 TBC Consultoria
The District Court confirmed an award of the Brazilian Chamber of Conciliation, Mediation, and Arbitration (CIESP/FIESP). The Court gave an overview of the confirmation process under the New York Convention, noting that Gradual had filed no opposition to the petition to enforce, and accordingly had not offered any ground for refusal. The Court independently reviewed the award and was satisfied that the reasons given by the arbitrators were sufficiently explained. It noted that to confirm an award, only "a barely colorable justification for the outcome reached" was necessary, and that it was only when the arbitrators strayed from interpretation and application of the agreement and effectively dispensed their own brand of justice that their decision may be unenforceable. On the facts of the case, the Court held that this was clearly not the case here.
The court discusses the overall scheme and/or pro-enforcement bias of the Convention.
Public policy: The court discusses the consequences of the lack of reasons in the award on its recognition and enforcement.