US Supreme Court confirms availability of RICO to foreign award creditors

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GAR: US Supreme Court confirms availability of RICO to foreign award creditors

June 23, 2023

United States
United States
United States

Eversheds Sutherland Partner John Lomas is quoted in this GAR article discussing the US Supreme Court's decision that a Russian businessman can use the country’s anti-racketeering law, RICO, to enforce an LCIA award – creating a new avenue for foreign arbitral creditors targeting US assets.

John told GAR, “US law and policy has long been pro-arbitration, including with respect to the enforcement of foreign arbitral awards.”

“Given the availability of treble damages in civil RICO cases, the court’s decision in Yegiazaryan provides non-US parties seeking to enforce foreign arbitral awards in the US a potentially powerful tool to use against award debtors that hide assets and otherwise actively evade collection,” he said.

He added that the decision also potentially “exposes to substantial liability those – such as lawyers and other advisors, business partners, family, and financial institutions – who work with and facilitate an award debtor in hiding or shielding assets from enforcement.”

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johnlomas@eversheds-sutherland.com

John W. Lomas, Jr.

Partner

Washington, DC, United States

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