Paul Hastings LLP was named a “runner-up” in The American Lawyer’s “Litigator of the Week” recognitions for securing a summary judgment win with New York’s rarely used New York champerty statute on behalf of the Ad Hoc Board of Petróleos de Venezuela S.A., Venezuela’s national oil company.

Syracuse Mountains sought to recover principal and interest on defaulted bonds it acquired that were issued by Venezuela’s state-owned oil company and valued at $333 million. U.S. District Judge Valerie Caproni agreed with the Paul Hastings assertion that Syracuse Mountains acquired the bonds solely for the purpose of litigation – a practice barred by New York’s champerty law – and granted summary judgment.

Co-chair of the Complex Litigation and Arbitration practice Kurt Hansson led the Paul Hastings team, which included associates James L. Ferguson and Zach Melvin.

More details on the victory can be found here.

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