Settlement Agreement for One of the World’s Largest Industrial Companies in Arbitration

The VERBA LEGAL team has assisted a foreign client—one of the largest industrial companies in Europe and worldwide — in reaching a settlement in proceedings before the International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation (ICAC). Under the terms of the settlement, the opposing party withdrew all claims against the client.

This marks VERBA LEGAL’s third settlement of an international arbitration dispute this year. The previous two settlements were concluded in arbitrations conducted under the ICC and SIAC Rules, and VERBA LEGAL’s clients have already received full performance under both agreements.

Given the substantial costs associated with arbitration, settlement will often be the most commercially advantageous outcome for the parties. Where the likely outcome becomes apparent during the exchange of written submissions, an early settlement enables the parties to avoid incurring further costs.

“Three settlements in international arbitration proceedings within a single year reflect our consistent approach: rather than prolonging proceedings for their own sake, we seek solutions that protect our clients’ interests while saving them time and costs,” said Tatiana Neveeva.

The team advising on the matter comprised Managing Partner and Head of the International Arbitration and Cross-Border Disputes Practice Tatiana Neveeva, Senior Associate Vladimir Domashin, and Junior Associate Sofia Medyanik.