Overview
First Tuesday Update is our monthly take on current issues in commercial disputes, international arbitration, and judgment enforcement.
It has been a busy fall for the authors of these pages. Recently, Steven Davidson, Michael Baratz, Jared Butcher and Molly Bruder Fox authored the United States chapter in the seventh edition of The Asset Tracing and Recovery Review, an international publication designed to offer a business focused analysis of hot topics, interesting cases, and developments in the market and in practice. The chapter examines potential remedies and asset-recovery mechanisms available in fraud cases in the United States. The article is a good resource for judgment enforcement and asset tracing in the US and abroad.
Law360 named Jared Butcher a Rising Star under the age of 40 in the area of fintech for his representation of cryptocurrency exchange Bitfinex on its $1 billion non-US initial exchange offering. The cross-border and judgment enforcement work he has done prepared him for the varied regulations with which he needs to deal for cryptocurrency clients.
As reported in Law360, Jared said:
"I think it's certainly no mystery to anyone who follows the cryptocurrency space that regulation is not just varied across the different jurisdictions, but it's also dynamic, it can change and has changed and is changing probably as we speak. . . ." The interview of Jared is available here.
At the end of October, Steve spoke at the Fraud, Asset Tracing & Recovery Miami conference about "Why do Fraud Lawyers Dislike Arbitration." The talk centered on that fraudsters can cause delay in arbitration since everything is consensual and arbitrators are disinclined to hold parties' to deadlines, unlike a court. There is also limited opportunity to take third party discovery, which can be critical when trying to trace fraud and assets. Steve discussed that sometimes claimants need to consider if there are fraud claims against persons or entities that are not covered by the arbitration clause so that the true culprits are held to account before a court. Moreover, there may be options to pursues interim measures or asset seizures in aid of arbitration or prejudgment to help ensure a recovery. Obviously, whether fraud claims are pursued in court or through arbitration, the enforcement of the ultimate award or judgment is critical. Once an award is obtained, all of the tools and resources of court are available to pursue a recovery.
Finally, both Steve and Michael are participating on panels about the Helms-Burton Act. Steptoe is counsel of record in a Helms-Burton case brought by ExxonMobil against Cuban-owned entities pending in the DC District Court. In mid-October, Steve spoke at a conference held by the American Society of International Law. He participated on a panel titled "A First Look at Litigation under the Helms-Burton Act." On December 10-11, 2019, Michael will be speaking at the 10th Annual NY Forum on Economic Sanctions regarding the Full Implementation of Title III of the Helms-Burton Act.
If any of these topics are of further interest to you, please contact us. We would be happy to provide additional information and answer any questions you may have.
