Financial and Insurance
Our clients increasingly ask us to represent them in their financial and insurance disputes. We have handled arbitrations concerning bank recapitalizations and loans, as well as reinsurance and political risk insurance policies. Arbitrations in the financial and insurance sectors include the representation of:
- A Middle Eastern private equity firm in a dispute regarding intercompany loan transactions. The dispute was subject to LCIA arbitration and English law applies.
- The Respondent in an ICC arbitration brought by the seller and beneficiary of a guarantee in a commercial transaction. The dispute related to obligations under a guarantee agreement and underlying loan agreements. New York law applied. The seat of arbitration was New York.
- A Cypriot company as Claimant in two LCIA arbitrations in London against the borrower and the guarantor in a USD 1.6 billion loan to a leading Russian oil and gas company. The Claimant sought payment of the unpaid balance of all sums owing under the loan agreement. English law applied. The amount at stake in these arbitrations was in excess of USD 650 million (without interest). An award was rendered in favor of our client.
- Two banks in an ICC arbitration in New York, in which three banks had brought a claim against the Republic of Uruguay in connection with the breach by the Republic of a release, a covenant not to sue and an arbitration clause in an agreement among the parties. The Respondent counterclaimed for approximately USD 650 million. The case arose out of the collapse of the Uruguayan banking industry in 2002.
- An Asia-Pacific life insurance company as Respondent in an ICC arbitration in New York against an Asian Government entity. The dispute arose from the sale of an Asian life insurance company. The opponent’s national law applied. The amount at stake was in excess of USD 1 billion. All claims against our client were withdrawn.
- Credit Suisse and Dresdner in an ICC arbitration in New York, in which three banks brought a claim against the Republic of Uruguay with respect to a transaction in which the Claimants had participated in the recapitalization of a commercial bank in Uruguay. Over USD 100 million was at stake.
- A North American reinsurance intermediary as both a Respondent and a Claimant in multiple ad hoc arbitrations in New York and New Jersey against many international insurance companies. The dispute concerned liability of various parties with respect to obligations arising from a complex international reinsurance pool arrangement. The amount at stake was in hundreds of millions of dollars. An award was rendered in favor of our client in the lead case. Other cases were thereafter settled on confidential terms.
- A North American bank against a North American insurance company. The dispute arose out of political risk insurance policy with respect to a loan for a toll road in a Latin American country. A favorable award was obtained by our client.