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Posts tagged “Currency Conversion

Case of the Day: Diaz v. Galopy Corp.

Posted on June 6, 2018

The case of the day is Diaz v. Galopy Corp. International, N.V. (N.Y. Sup. Ct. 2018). In 2014, Anibal Montenegro Diaz, a Venezuelan lawyer, sued Galopy in a Venezuelan court for unpaid legal fees. In 2015, the court found in her favor on liability, and in 2016, it awarded Diaz the fees and sent the matter to a revaluation court for assessment, i.e., an adjustment in light of the hyperinflation afflicting the Venezuelan currency, the Bolivar. In June 2016, the court awarded fees in the adjusted amount of approximately 169 million Bolivars. In August 2016, the court adjusted the amount to more than one billion Bolivars. Diaz then sued in New York seeking recognition and enforcement. There was no real question about recognition. The…

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Case of the Day: AVR Communications v. American Hearing Systems

Posted on September 21, 2015

The case of the day is AVR Communications, Ltd. v. American Hearing Systems, Inc. (Minn. Ct. App. 2005). American Hearing Systems, a Minnesota firm in the hearing aid business, got into a contract dispute with AVR, an Israeli firm. In 2007, AVR commenced an arbitration against AHS in Israel that resulted in an award in favor of AVR for $2.675 million in damages and ₪ 1 million in fees and expenses. In other words, the award was partly denominated in dollars and partly in shekels. In 2014, the U.S. District Court for the District of Minnesota confirmed the award. Its judgment required payment of a portion of the judgment in shekels, just as the award had. AVR then sought to register the federal judgment…

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Case of the Day: Tettamanti v. Opcion SA

Posted on July 26, 2011

The case of the day is Tettamanti v. Opcion SA (Fla. Dist. Ct. App. 2011). Opcion SA had sued Enrique Tettamanti and Maria Cristina Calvo in Argentina on a promissory note, and it obtained a judgment for damages from the Argentine court. Opcion sued Tettamanti and Calvo in Miami-Dade County Circuit Court seeking recognition and enforcement of the judgment, and it obtained a Florida judgment for $236,900 against the two. Tettamanti and Calvo appealed, but the District Court of Appeal affirmed in a brief per curiam order. While the appeal was pending, Tettamanti and Calvo obtained a stay of enforcement of the Florida judgment from the Circuit Court, but the District Court of Appeal vacated the stay, holding that the statute that the lower…

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