Tuesday, October 23, 2012
Shearman & Sterling has secured another legal victory for client The Dow Chemical Company in a ruling related to the record $2.1 billion ICC arbitral award announced in May 2012.
After the International Court of Arbitration of the International Chamber of Commerce (ICC) ruled in favor of Dow in a dispute with Petrochemical Industries Company (PIC) over a failed joint venture, PIC asked the English High Court to intervene. Arguing that there was a “serious irregularity” as defined by the English Arbitration Act, PIC filed an application for a “remission” of the award back to the ICC. Following a two-day hearing in London, the Court refused PIC’s application in its entirety.
The Shearman & Sterling team in this proceeding included partners Henry Weisburg (New York-International Arbitration) and Richard Kelly (London-International Arbitration) and associates Alexandra Dosman and Jonathan Tompkins (both New York-International Arbitration) and Boris Telyatnikov (London-International Arbitration).
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