Venezuelan Commodities Co. Gets Interim Arbitral Award OK'd

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Law360 (June 12, 2019, 7:38 PM EDT) — U.S. commodities supplier Tradiverse Corp. must pay a $650,000 interim arbitral award in a delivery dispute with a Venezuelan commodities merchant, a New York federal judge ruled Tuesday, concluding that Tradiverse was not denied a fair hearing as it had argued.

U.S. District Judge Richard Berman confirmed Venezuelan merchant Luzar Trading SA’s request for the award after it had initiated arbitration against Tradiverse in August 2018 at the International Centre For Dispute Resolution over the U.S. company’s failure to deliver soy products in Louisiana.

The interim award was necessary given Tradiverse’s lack of “tangible assets sufficient to satisfy any potential arbitration…