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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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First View Articles on the Third Issue of the International and Comparative Law Quarterly for 2025
The first view article of the third issue of the ICLQ for 2025 was published yesterday. It contains the following article on conflict of laws:
Ardavan Arzandeh, “Anti-Suit Injunctions in Support of Foreign Dispute-Resolution Clauses”
Courts in England ordinarily grant anti-suit injunctions when proceedings are (or will soon be) initiated in a foreign court in breach of clauses which subject disputes to the exclusive jurisdiction of courts, or refer them to arbitration, in England. Would they, however, grant such relief in support of foreign dispute-resolution clauses? In UniCredit Bank v RusChemAlliance, the Supreme Court of the United Kingdom answered this question in the affirmative, thus expanding the English courts’ power to issue anti-suit injunctions. This article seeks to assess the likely extent of this expansion and the future implications it could have for the law on anti-suit injunctions in England. The article also examines the Supreme Court’s pronouncements on the other significant issue in the case concerning the law governing arbitration agreements and their potential effect following the enactment of the Arbitration Act 2025.
Recent report on the Netherlands Commercial Court
Readers of this blog who are keen on the theme of commercial courts might be interested in the recent report ‘An interim assessment during the start-up phase of the Netherlands Commercial Court (NCC)’. This document is authored by T. Geurts, Y.N. Overvelde & M.P.C. Scheepmaker. The authors conducted an empirical study for the Research and Data Centre (WODC), an independent knowledge agency of the Dutch Ministry of Justice and Security.
Along with the full report in Dutch, a summary in English and a helpful accompanying post are available online.
The report provides several insights, including information on the NCC’s caseload in the past years, the countries where the litigating parties were domiciled, and the legal practitioners’ familiarity with the NCC’s work. Furthermore, the authors reflect on the future perspectives of the NCC.
Earlier posts on commercial posts are available here, with further links.
Call for Abstracts: Special Issue of the Italian-Spanish Journal of Procedural Law: “From Gavel to Grid: Reimagining Civil Justice in the Digital Era”
Gina Gioia, Jordi Nieva-Fenoll, and Seyedeh Sajedeh Salehi are inviting submissions for a Special Issue of the Italian-Spanish Journal of Procedural Law, which will be published under the title “From Gavel to Grid: Reimagining Civil Justice in the Digital Era”.
The details can be found in the attached Call for Papers.