Supreme Court of Canada judgment in Yugraneft Corp. v. Rexx Management Corp. to be released on Thursday, May 20th, 2010

According to the Supreme Court of Canada website, the much anticipated judgment in Yugraneft Corporation v. Rexx Management Corporation (Alta.) (Civil) (32738) will be delivered at 9:45 a.m EDT on Thursday, MAY 20, 2010. For a backgrounder, see my article, Recent Private International Law Developments before the Supreme Court of Canada The Globetrotter, OBA International Law Section Newsletter, Vol. 13, No.2, March 2009.

Here is the SCC summary:

32738 Yugraneft Corporation v. Rexx Management Corporation

Limitation of actions ‑ Arbitration ‑ Whether the Alberta Court of Appeal erred in finding that the Appellant’s application for recognition and enforcement of the award is barred by operation of the Limitations Act, R.S.A. 2000, c. L‑12.

On September 6, 2002, the International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation granted an arbitration award in favour of the Appellant against the Respondent, in the amount of $952,614.43 U.S. The Appellant claimed that the money was owed for equipment paid for but not supplied by the Respondent. On January 27, 2006, more than three years later, the Appellant applied pursuant to the International Commercial Arbitration Act, R.S.A. 2000, c. I‑5, for an order recognizing and enforcing the award. The Respondent sought dismissal of the application or a stay, pending the resolution of a racketeer‑influenced and corrupt organizations case.

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