Jurisdiction(s):
United Kingdom

US federal court in D.C. enforces US$984.5m Exxon Mobil arbitral award against Venezuela; summary judgment entered, default stands amid Delaware PDV Holding/Citgo sale

Published on: 30 September 2025

Published by a Law360 reporter

Legal News

Article summary

In a 26 September 2025 opinion, US District Judge Royce C. Lamberth found it inequitable to let Venezuela keep prolonging the matter, as the Exxon Mobil affiliates’ prospects of recovering what they are owed shrink with each passing day. He referenced concurrent Delaware proceedings intended to satisfy Venezuela’s creditors, observing that the affiliates’ window to join that process is narrowing. The opinion explains that setting aside Venezuela’s default to force a merits fight would have the parties 'beat a dead horse' and, meanwhile, prejudice the petitioners by slowing their chance to join the race among judgment debtors for Venezuela’s limited foreign assets. He further underscored that every postponement compounds the harm, as opportunities to recover shrink while others press ahead in Delaware, leaving the affiliates increasingly sidelined in the competition for scarce assets. Relying on circuit authority in Valores Mundiales SL et al v Bolivarian Republic of Venezuela, which, he said, makes plain that Venezuela lacks even the faintest meritorious position, Judge Lamberth determined he could resolve the case on the merits without further hold-up. Thus, he concluded that appropriately weighing the policy favouring judgments on the merits against foreign sovereigns, together with the matter’s posture and the presentation of...

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