Miner's $1.85B Fraud Suit Gets Nod From UK Appeals Court
Law360, London (July 16, 2021, 3:46 PM BST) -- The Court of Appeal said Friday that a Brazilian miner can forge ahead with a $1.85 billion lawsuit against two companies linked to an Israeli billionaire convicted of bribery over a doomed mining project in Africa.
Judges at the court in London found that an arbitration award did not bar Vale SA and a related subsidiary from bringing the claim. They can proceed with their attempt to trace the assets of two holding companies connected to Beny Steinmetz in a fraud dispute over a failed iron ore project.
Appellate judges said that internal inconsistencies in the way that arbitrators awarded the multinational metals group $2.17 billion in damages against...
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