Oral Arguments in Billion-Dollar Choice-of-Law Case
January 22, 2024
On January 10, 2024, the New York Court of Appeals heard oral arguments in Petroleos de Venezuela S.A. v. MUFG Union Bank, N.A. The issue presented in this case, as previously discussed here and here and here, is whether a U.S. court should apply the law of New York or the law of Venezuela to determine the validity of certain bonds issued by a state-owned oil company in Venezuela. Billions of dollars are riding on the answer.
A link to a video of the oral argument can be found here.