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An Answer to the Billion-Dollar Choice-of-Law Question
On February 20, 2024, the New York Court of Appeals handed down its opinion in Petróleos de Venezuela S.A. v. MUFG Union Bank, N.A. The issue presented—which I described in a previous post as the billion-dollar choice-of-law question—was whether a court sitting in New York should apply the law of New York or the law of Venezuela to determine the validity of certain bonds issued by a state-owned oil company in Venezuela. The bondholders, represented by MUFG Union Bank, argued for New York law. The oil company, Petróleos de Venezuela, S.A. (“PDVSA”), argued for Venezuelan law.
In a victory for PDVSA, the New York Court of Appeals unanimously held that the validity of the bonds was governed by the law of Venezuela. It then sent the case back to the federal courts to determine whether the bonds are, in fact, invalid under Venezuelan law.
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New EU Digitalisation Regulation: A Stepping Stone to Digitalised EU?
Author: Martina Ticic, assistant at the University of Rijeka, Faculty of Law and doctoral student funded by the Croatian Science Foundation (Hrvatska zaklada za znanost – HRZZ)
On 13 December 2023, two years after the first legislative proposal has been published, the new Regulation (EU) 2023/2844 of the European
Parliament and of the Council of 13 December 2023 on the digitalisation of judicial cooperation and access to justice in cross-border civil, commercial and criminal matters, and amending certain acts in the field of judicial cooperation (Digitalisation Regulation) has been adopted. While the process of digitalisation of judicial cooperation and cross-border procedures in the EU has been ongoing for some time already, the new Digitalisation Regulation represents a major step for advancing digitalisation practices in the EU.
Bahraini High Court on Choice of Court and Choice of Law Agreements
I. Introduction
It is widely recognized that choice of court and choice of law agreements are powerful tools for structuring and planning international dispute resolution. These agreements play an important role in “increasing legal certainty for the parties in cross-border transactions and reducing incentives for (the harmful version of) forum shopping.” (Alex Mills, Party Autonomy in Private International Law (CUP, 2018) p. 75). However, the realization of these objectives depends on the enforcement of the parties’ choice. Unfortunately, general practice in the MENA (North Africa and the Middle East) region shows that, with a few exceptions, the status quo is far from satisfactory. Choice-of-court agreements conferring jurisdiction on foreign courts are often disregarded or declared null and void. Similarly, the foreign law chosen as the governing law of a contract is often not applied because of the procedural status of foreign law as a matter of fact, the content of which must be ascertained by the party invoking its application. The recent judgment of the High Court of Bahrain (a first instance court in the Bahraini judicial system) in the Case No. 2/13276/2023/02 of 17 January 2024 is nothing but another example of this entrenched practice that can be observed in the vast majority of countries in the region.
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The HCCH 2019 Judgments Convention enters into force for the United Kingdom
Today the HCCH 2019 Judgments Convention entered into force for the United Kingdom. The UK signed this Convention on 12 January 2024 and filed its instrument of ratification on 27 June 2024.
On 26 March 2025, the UK extended the 2019 Judgments Convention to Scotland and Northern Ireland. Initially, the UK had extended this Convention to England and Wales only. These declarations will take effect on the day the Convention enters into force for the UK in accordance with Articles 25 & 30(3)(4) of the said Convention. For more information, click here. Read more
Praxis des Internationalen Privat- und Verfahrensrechts (IPRax) 4/2025: Abstracts
The latest issue of the „Praxis des Internationalen Privat- und Verfahrensrechts“ (IPRax) features the following articles:
Judgment of the Hellenic Supreme Court Part 2: Relatives’ rights to compensation for emotional distress in fatal car accidents under the Rome II Regulation
Following a judgment by the Supreme Court of Greece in 2023, the issue of direct damages was once again brought before Areios Pagos. In a decision that diverged from the ruling of the Court of Justice of the European Union (CJEU) in the Lazar case, the Supreme Court reaffirmed its position. However, one member of the court expressed a dissenting opinion, emphasizing the obligation of national courts to submit a preliminary reference. This judge provided rationale for the Supreme Court’s departure from established case law, highlighting the importance of adhering to the CJEU’s precedents in the context of European legal integration.