Brazilian Superior Court Holds that Recognition of a Foreign Arbitration Award is Not Barred By a Local Action


Recently, the Brazilian Superior Court of Justice (“STJ”) ruled that the recognition of a foreign arbitration award is not barred by the simple existence of a concurrent lawsuit with the same subject matter in Brazil. With this ruling, the STJ rejected an argument that it used to accept in the past: that the recognition of a foreign award would harm the sovereignty of the Brazilian jurisdiction. The STJ itself referred to this ruling as one of its most relevant decisions, since it strengthens protection of international arbitration and brings prestige to foreign awards in Brazil. As a result, a higher degree of legal security is now provided to foreign investors, which certainly helps attract foreign investments to Brazil.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Alternative Dispute Resolution (ADR) Updates, Business Organization Updates, Civil Procedure Updates, General Business Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Luiz Ramos | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »