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

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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.

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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

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