LGST 219 - Class 14 Notes

LGST 219 - Class 14 Notes - CLASS 14 (Oct. 31): Recognition...

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CLASS 14 (Oct. 31): Recognition and Enforcement 1] In the interest of vindicating forum policy we usually let the plaintiff sue in the US to the benefit of US securities law. But in the Lloyd’s case the court said that the important principle is party autonomy in order to ensure the efficient resolution of international business disputes. 2] In 1998 we had a similar law suit against Lloyd's where we had RICOH claims and securities law claims but the US court said that we are sending this to London. a. You won't have the same remedies in England that you have in the US, but you will have a chance to sue for fraud. b. You're not going to have a case in the US unless you can show the court that the choice of forum clause that was included in your contract is invalid due to fraud or coercion . (b.i) If you were defrauded in your contract or there was some kind of coercion exercise by the stronger party so you didn't freely choose to accept the clause. (b.ii) That's the only way this can be taken to US courts; the only way the choice of forum clause can be overruled. 3] It is much more difficult to enforce a foreign court judgment than it is an arbitral award, because we do not yet have a convention in that area like we have the NY Convention for arbitral awards which makes everything easier. (Hague Convention for courts?) 4] You cannot have extraterritorial enforcement of a foreign criminal judgment. 5] Tax judgments are not enforceable outside the jurisdictions where they are rendered. You can flee to another country to evade. 6] Recognition means that we see the judgment as binding . We recognize the judgment. Enforcement , on the other hand, is not only recognizable but also enforced and the assets are collected against the losing party. Typically we have recognition and enforcement together, but occasionally we have cases with only recognition. 7] This is all due to globalization and legal diversity due to compartmentalized diverse legal systems. 8] In Europe they are moving towards a system of uniform standards within the EU for recognition and enforcement. This is the Brussels Convention . a. The reason this works in Europe but not in an area such as the US is because most EU courts are uniform and have similar standards of justice with fewer disparities. However, worldwide there are great imbalances in law standards.
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9] U.S. has a federal standard for recognition and enforcement. There are two approaches: a. State law on recognition and enforcement b. Uniform Foreign Money Judgment Recognition Act (UFMJRA) (b.i) It is a model law for recognition and enforcement that can be used to be incorporated into the laws of the state. 10] In diversity, procedure is federal. We use federal rules of procedure in all diversity cases. In
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This note was uploaded on 01/11/2012 for the course LGST 219 taught by Professor Anne.mayer during the Fall '11 term at UPenn.

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LGST 219 - Class 14 Notes - CLASS 14 (Oct. 31): Recognition...

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