Petroleos de Venezuela S.A. v. MUFG Union Bank, N.A.

Court:

New York Court of Appeals

Amicus Issue:

(1) Given PDVSA’s argument that the Governing Documents are invalid and unenforceable for lack of approval by the National Assembly, does New York Uniform Commercial Code section 8-110(a)(1) require that the validity of the Governing Documents be determined under the Law of Venezuela, “the local law of the issuer’s jurisdiction”? (2) Does any principle of New York common law require that a New York court apply Venezuelan substantive law rather than New York substantive law in determining the validity of the Governing Documents? (3) Are the Governing Documents valid under New York law, notwithstanding the PDV Entities’ arguments regarding Venezuelan law?

Counsel of Record:

Holwell Shuster & Goldberg LLP

Vincent Levy

Daniel M. Sullivan

Other Amici:

U.S. Chamber of Commerce