The U.S. Court of Appeals for the First Circuit has reversed a lower court’s ruling after determining that an Ecuadorian businessman and his Peruvian company’s petition to vacate a $3.3-million arbitration award was improperly granted.
New Balance Athletics entered into a distribution agreement with Peruvian Sporting Goods S.A.C. to distribute its products in Peru in January 2013. The agreement contained an arbitration clause, which New Balance invoked in 2018, to initiate arbitration proceedings against PSG.
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