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Banco de Seguros del Estado v. Mut. Marine Offices, Inc.
United States District Court for the Southern District of New York
230 F. Supp. 2d 362 (2002)
- Written by Whitney Waldenberg, JD
Facts
Banco de Seguros del Estado (Banco) (plaintiff), a Uruguayan corporation, served as a reinsurer for Mutual Marine Offices, Inc. (MMO) (defendant). MMO commenced arbitration proceedings against Banco for breach of contract. Upon MMO’s request, the arbitral tribunal issued an interim order directing Banco to post an irrevocable letter of credit for $708,714.04 as prejudgment security. Banco asked the arbitral panel to reconsider the interim order, and the arbitral tribunal denied the request. Banco then filed an action in district court under Inter-American Convention, seeking to vacate the interim award.
Rule of Law
Issue
Holding and Reasoning (Scheindlin, J.)
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