YPF S.A. v. Apache Overseas, Inc.

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When the parties to a contract agree to arbitrate, rather than litigate, certain disputes that might later unfold, Congress directs federal courts to honor the parties' wishes. Under the Federal Arbitration Act, courts generally enforce any resulting arbitration award, barring specific circumstances—such as when the arbitrator exceeds his legal authority or otherwise jeopardizes the fair arbitration process. In this case, the Fifth Circuit affirmed the district court's confirmation of the arbitration award and rejected Apache's challenges to the contrary. The court held that KPMG issued a "reasoned award" here where it noted that it based its analysis on the parties' statements and accounting records, pointed to its finding on the accrual of liabilities, and explained what documentation it found relevant in evaluating the proper refund amount. View "YPF S.A. v. Apache Overseas, Inc." on Justia Law