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US District Court enforces Perenco’s arbitration award against Ecuador but only grants post-judgment interest at the statutory rate

Photo by Darryl Low / Unsplash

The United States District Court for the District of Columbia has granted Perenco’s petition to enforce its USD 374+ million ICSID arbitration award against the Republic of Ecuador. In doing so, however,  the Court agreed with Ecuador that post-judgment interest should be calculated according to the statutory interest rate specified by 28 U.S.C. § 1961 rather than the rate provided for in the ICSID award.

As reported by iarbnews [see here, here and here], on 1 October 2019, Perenco filed a petition to enforce the ICSID Award (ICSID Case No. ARB/08/6) before the United States District Court for the District of Columbia.

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