COURT GRANTS PETITION TO CONFIRM FOREIGN ARBITRAL AWARDS, DENIES MOTION TO SEAL
Century Indemnity Company brought a petition to confirm three foreign arbitral awards it secured against AXA Belgium. AXA cross-petitioned to vacate the awards. Both parties filed motions to seal certain documents submitted to the court in light of a confidentiality agreement covering the arbitrations. The parties’ dispute centered on claimed underpayments by AXA, and alleged offsets AXA claimed it was entitled to, which it claimed negated amounts owed to Century under certain reinsurance treaties. Century initiated multiple arbitrations arising throughout the history of the parties’ payment disputes, which arbitrations were ultimately consolidated. The consolidated arbitration hearing took place in 2011. In February 2012, the panel rendered a decision favorable to Century, including a bad faith finding against AXA which resulted in an order of $250,000, or the amount of Century’s fees and costs, whichever was lesser. AXA challenged the award under the FAA, but the Court held that it failed to demonstrate the panel exceeded its authority under the submission, or that its decision was in manifest disregard of the law. The Court also addressed both parties’ motion to seal the record, finding neither demonstrated sufficient bases to seal, given the strong presumption in favor of public access to court files. Century Indemnity Co. v. AXA Belgium, No. 11 Civ. 7263 (USDC S.D.N.Y. Sept. 24, 2012).
This post written by John Pitblado.
