Exxon Mobil Corporation (XOM)

[eFinanceMarkets]

$XOM Exxon enforcement of Venezuela award voided by U.S. appeals court

A U.S. appeals court says Exxon Mobil (XOM +0.2%) cannot enforce a $1.6B international arbitration award against Venezuela related to a 2007 asset seizure.

The appeals court says a lower court judge incorrectly excused XOM from complying with procedural requirements to enforce the 2014 award, which was made by the World Bank's panel on investment disputes.

The court says XOM should seek enforcement in compliance with the U.S. Foreign Sovereign Immunities Act.