US Supreme Court won't review Venezuela suit
Legal Business 2012/01/27 09:09
An Ohio investment group's lawsuit seeking to collect $100 million on three-decade-old Venezuelan promissory notes is headed back to a federal judge for further deliberations.
The decision by the U.S. Supreme Court not to hear the case was a setback for Venezuela, which argued that federal law protects it from U.S. lawsuits because it is a foreign state.
The high court declined on Monday to accept Venezuela's appeal of a 2010 federal appeals court decision that said the suit filed by Skye Ventures of Columbus could go forward in the U.S.
The 6th U.S. Circuit Court of Appeals also said a lower court must determine whether the case should be tried in Venezuela, which will be the next step.
Skye seeks payment on the notes from a defunct government-sponsored bank.
The decision by the U.S. Supreme Court not to hear the case was a setback for Venezuela, which argued that federal law protects it from U.S. lawsuits because it is a foreign state.
The high court declined on Monday to accept Venezuela's appeal of a 2010 federal appeals court decision that said the suit filed by Skye Ventures of Columbus could go forward in the U.S.
The 6th U.S. Circuit Court of Appeals also said a lower court must determine whether the case should be tried in Venezuela, which will be the next step.
Skye seeks payment on the notes from a defunct government-sponsored bank.
