Spain Says $37.6M Award Can't Be Enforced In US Courts

By Clark Mindock (May 9, 2022, 8:42 PM EDT) -- Spain has told a U.S. federal court that it can't uphold a €33.7 million ($37.6 million) arbitral award, arguing that the five European investment companies suing Spain chose American courts to enforce the award only because the case would clearly be doomed in Europe.

The country said Friday that the D.C. federal court was an inappropriate place to proceed with consideration of the award, noting that the court lacks jurisdiction because Spain is immune to the jurisdiction of American courts. The country said the investment and private equity funds that are seeking to confirm the award "traveled far abroad" precisely because...

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