Super Perfect Investments LTD v. Agroinvestbank Open Joint Stock Company

Background

Super Perfect Investments LTD filed a petition to recognize and enforce an arbitration award. The opinion states that Super Perfect Investments served Agroinvestbank Open Joint Stock Company with the petition, supporting materials, and the briefing schedule. Agroinvestbank’s opposition was due August 17, 2020, but it neither responded nor sought relief from the award.

Court’s analysis

Because the petition was unopposed, the court treated it as similar to a motion for summary judgment based on Super Perfect Investments’ submissions. Summary judgment is a decision entered when the record shows no genuine dispute over facts that could affect the result. After reviewing the petition and supporting materials, the court found no genuine issue of material fact preventing judgment as to all portions of the award.

Ruling

The court granted Super Perfect Investments’ unopposed petition. It confirmed, recognized, and ordered enforcement of the award under Section 9 of the Federal Arbitration Act and Article IV of the Convention on Recognition and Enforcement of Foreign Arbitral Awards.

Under the award, Agroinvestbank was ordered to pay:

- $11,000,000 in damages; - $12,867,288.12 in interest, consisting of $11,880,000 in interest at 18% per year from February 25, 2014, through February 25, 2020, and $987,288.12 in interest at 18% per year from February 25, 2020, through August 24, 2020; - $193,394 for costs of the arbitral proceedings in Switzerland; and - $546,274.57 for legal costs and other expenses related to those proceedings.

The court declined at that time to award Super Perfect Investments fees and costs for the federal proceeding because the petitioner had not identified a legal basis for that request or submitted supporting documentation. The court permitted Super Perfect Investments to renew the request by September 1, 2020, if it cited appropriate authority, submitted contemporaneous billing records, and justified counsel’s hourly rates.

Judge Jesse M. Furman ordered the court to retain jurisdiction for further proceedings needed to enforce the award and directed the Clerk of Court to close the case.