Summary

MEMORANDUM OPINION

Plaintiffs Valores Mundiales and Consorcio Andino (together, Valores) brought this action to recognize and enforce an arbitral award issued against the Bolivarian Republic of Venezuela under the International Convention on the Settlement of Investment Disputes between States and Nationals of Other States. Dkt. 1 (Complaint) ¶ 1. The Court referred the case to Magistrate Judge Robin M. Meriweather for a Report & Recommendation on four motions, two regarding a default that the Clerk entered on October 23, 2020, Dkts. 16 and 20, and cross- motions for summary judgment, Dkts. 24 and 25.

On August 3, 2022, Judge Meriweather recommended that the Court set aside the default and confirm the arbitral award. Dkt. 33 (Report and Recommendation). Valores does not object to setting the default motion aside, but Venezuela objects to the Court confirming the arbitral award. Dkt. 34 (Objections). Valores has responded to Venezuela's Objections, Dkt. 35, and Venezuela has replied, Dkt. 36.

Upon consideration of the Report and Recommendation, the Objections, the applicable case law, and the entire record, the Court over-rules the Objections. Venezuela's Motion for Summary Judgment is DENIED, and Valores's Motion for Summary Judgment is GRANTED.1 Without objection, Venezuela's Motion to Set Aside Default is GRANTED, and Valores's Motion for Default Judgment is DENIED as moot. The Court will enter judgment for Valores.

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The ICSID Convention and Implementing Statute; ICSID Proceedings and Enforcement; The Underlying ICSID Arbitration; Valores's Efforts to Confirm the Award in the United States; Courts have Limited Power to Review ICSID Awards; The Maduro Government's Legitimacy Is Not Before the Court.