Puerto Rican Bank Wins $86M Loan Suit Against PDVSA

Law360 (November 4, 2020, 12:49 PM EST) -- A London judge ruled Wednesday that Petroleos De Venezuela SA cannot rely on U.S. sanctions to avoid paying $86 million to a Puerto Rican bank, handing the lender an early win in its loan dispute with the oil company.

Judge Sara Cockerill granted Banco San Juan Internacional Inc. summary judgment on its claims against PDVSA to recover $48 million and $38 million allegedly due under credit agreements from 2016 and 2017, respectively, saying the defenses to both suits had "no real prospect of success."

She found that the sanctions did not activate a contractual clause that could have suspended PDVSA's obligations to pay...

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