IRB-Brasil Resseguros Obtains Affirmance in Conflict-of-Laws Dispute

Skadden secured the affirmance by New York's highest court of an approximately $30 million judgment in favor of IRB-Brasil Resseguros, S.A., Brazil's largest reinsurer, in connection with its lawsuit against Inepar S.A. Industria e Construções, the guarantor of certain global notes purchased by IRB. Skadden previously had obtained summary judgment for IRB in the trial court and an affirmance by the Appellate Division, First Department. On December 18, the New York Court of Appeals unanimously affirmed the judgment in a case of first impression, holding that the choice of New York law clause in the guarantee was enforceable, regardless of whether there were contacts between the transaction and New York.