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Procedural Posture
The United States District Court for the District of Columbia issued an Order entering final judgment to enforce the arbitral award rendered on June 15, 2018, in ICSID Case No. ARB/13/31 against the Kingdom of Spain. The Order follows the Court's prior memorandum opinion confirming the award.
Court's Analysis on Post-Judgment Interest
The principal legal issue addressed in the Order was the applicable rate for post-judgment interest. The Petitioners argued for the application of the federal statutory rate under 28 U.S.C. § 1961. Conversely, Spain contended that the post-award interest rate specified in the underlying ICSID award should govern, asserting that the parties' agreement to arbitrate under the ICSID Convention constituted an implicit agreement to apply the award's specific interest rate.
The Court rejected Spain's argument, holding that upon confirmation, an arbitral award merges into the judgment, thereby rendering it a money judgment subject to the mandatory post-judgment interest rate of Section 1961. The Court emphasized that exceptions to this statutory rate require clear, unambiguous, and unequivocal language agreeing to a different rate, or an explicit statement within the arbitral award itself regarding post-judgment interest. Finding neither exception applicable to the present case, the Court determined that the federal statutory rate must apply.
Decision
The Court ordered the enforcement of the ICSID award as if it were a final judgment of a court of general jurisdiction. Consequently, the Court entered judgment in favor of the Petitioners in the principal amount of $156,630,250.85, plus post-judgment interest accruing at the rate specified in 28 U.S.C. § 1961 from the date of the judgment until fully satisfied.