Getting the Money: When Can a Sovereign's Assets be Attached Before a Judgment Has Been Obtained on a Successful Arbitral Award?
Article from: TDM 5 (2006), in Procedure, Advocacy, Strategy and Tactics in Arbitration
A recent decision by the Southern District of New York, Libancell v. Lebanon, 2006 U.S. Dist. LEXIS 29442 (S.D.N.Y. May 16, 2006), exemplifies the conventional view that attachment of sovereign assets prior to the entry of a judgment by a US court recognizing a foreign arbitral award is prohibited under the Foreign Sovereign Immunities Act (the FSIA) unless the sovereign has explicitly waived its immunity from attachment. However, there are a number of scenarios, not discussed in Libancell, in which an explicit waiver is unnecessary or in which an explicit waiver can be ...