Day Pitney's Complex Commercial Litigation team is representing several Brazilian iron companies in their revised bid to enforce a more than $48 million arbitral award against the alleged alter egos and successors of Steel Base Trade AG (SBT).
The companies represented by Day Pitney won an important decision this week, when the U.S. Supreme Court turned down a petition to review a Second Circuit decision, which revived the bid by Day Pitney's clients to enforce the arbitral award. The Second Circuit had ruled earlier this year that a federal judge in New York had erred in dismissing their lawsuit seeking to enforce the award.
Adam Grant of Day Pitney and Andre Almeida of Almeida Advogados, part of the legal team representing the Brazilian companies, were quoted in a Law360 article saying they were "very gratified" that the Supreme Court turned down the case and "that it chose not to add further review to the Second Circuit's very well-reasoned and scholarly decision."
"We look forward to pursuing their claims against the defendants and to collecting on the arbitration award granted to them by the ICC Paris," they added.
The dispute can be traced to 2008, when CBF Indústria de Gusa S/A, Da Terra Siderúrgica LTDA and other Brazilian companies and SBT entered into several contracts providing for the sale of 103,500 metric tons of pig iron to SBT for more than $76 million. By October 2008, SBT had stopped purchasing the pig iron as required by the contracts, leading to a breach of contract claim by CBF.
CBF initiated arbitration at the ICC in November 2009. While in arbitration, and after most of SBT's assets were fraudulently transferred to other entities, SBT filed for Bankruptcy in Switzerland in 2010. In 2011, the ICC tribunal issued a $48 million award, plus interest and $360,000 in costs and fees, to CBF and the other plaintiffs.
CBF and the other Brazilian companies subsequently filed the lawsuit in New York seeking to enforce the award against AMCI Holdings, American Metals & Coal International and several other interrelated companies as alter egos of SBT.
Day Pitney's team for CBF is led by Adam K. Grant, Elizabeth J. Sher and Jonathan S. Zelig. The matter was covered in the articles, "HighCourt Turns Away Iron Cos.' $48M Arbitral Award Row" and "Iron Cos.' $48MAward Row Paused Pending Justices' Review," in Law360.
Michael Furey and Sylvia-Rebecca Gutiérrez authored an article, "Is It Worth the Risk? Doing Business With Your Client," published by the New Jersey Law Journal in a Professional Malpractice special section.
Joy Harmon Sperling, Christina Parlapiano and Michelle Moshe authored an article, "NJ Court Confirms Standing Based on Lost Note Affidavit, When Loss Is Prior to Assignment," published by the New Jersey Law Journal.
On November 12, Naju Lathia will be speaking on a panel called "Tips from Young Lawyers: What they Need to Succeed," at the New Jersey Defense Association's 9th Annual Women and the Law Seminar.
Jonathan Handler and Sylvia-Rebecca Gutiérrez co-authored an article, "Geographic Information Systems For Environmental Litigation," published by Bloomberg Environment's Environment & Energy Report.
Chase Rogers, former Chief Justice of the Connecticut Supreme Court, served as faculty at the New Appellate Judges Seminar, sponsored by the Institute of Judicial Administration (IJA) at New York University School of Law from July 15 – 20 in New York City.
Day Pitney associate Darian Butcher has been elected as Vice President of the Board of Directors of GLBTQ Legal Advocates & Defenders (GLAD).
On October 29, Tom Goldberg, Day Pitney's Managing Partner, was elected to the Board of the Federal Bar Foundation and to the position of Secretary at its annual meeting.
Day Pitney Press Release
Day Pitney associate Darian Butcher has been elected to serve on the Board of Directors of the Massachusetts Chapter of the Federal Bar Association (FBA).
Day Pitney LLP, led by partner Michael Furey, is representing a major retailer in connection with a personal injury case of first impression that is pending in the Supreme Court of New Jersey.