Russian Federation Wins Appeal

September 22, 2009

On September 22, 2009, the United States Court of Appeals for the Second Circuit affirmed the decision of Judge Pauley (S.D.N.Y.) denying Compagnie Noga D'Importation et D'Exportation S.A.'s ("Noga") motion to confirm an arbitration award against Cleary Gottlieb client, the Russian Federation. In denying the motion to confirm, the Second Circuit held that as a result of Noga's prior assignments of its claims against Russia, Noga "failed to establish that it retains an interest in the arbitral award" and, therefore, lacked standing to confirm the award. This decision puts an end to almost 10 years of litigation in the United States relating to whether Noga has standing to confirm and enforce the arbitration award.