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Nikhil Gore

Nikhil V. Gore represents financial institutions, sovereigns, and global corporations in investigations, disputes, and regulatory advocacy before U.S. and international financial services regulators.

As co-chair of Covington’s financial services investigations and government enforcement practice, Nikhil leads anti-financial crime investigations, as well as a wide range of financial institution governance, control, safety and soundness, and consumer and market conduct matters. He has served as lead counsel for multiple major financial institutions in safety-and-soundness matters before the OCC and Federal Reserve; secured unprecedented outcomes for community banks challenging FDIC supervisory and enforcement actions; and represented global banking institutions in anti-financial crime investigations in Asia, Latin America and the Middle East.

Nikhil also counsels clients on a range of financial statutes and regulations, including those governing U.S. fiscal law and the investment and payment authorities of government agencies; the control of money laundering and the licensing of money transmission; and the combatting of terrorist financing.

In his disputes practice, Nikhil is part of the Covington team representing Ukraine in state-to-state arbitrations against the Russian Federation and was appointed by the Prosecutor-General of Ukraine to the Legal Task Force on Accountability for Russian War Crimes. He has handled treaty arbitrations and commercial disputes spanning Asia, Eastern Europe, North America, the Middle East, and Africa.

Project development agreements with states and state-owned enterprises (SOEs) are often governed by the law of the host country (sometimes with freezing, stabilization, or other limiting clauses), while also being subject to arbitration seated in a neutral venue.  The assumption is that the courts of the neutral venue will have exclusive jurisdiction to supervise the arbitration and confirm, or set aside, any arbitral award.

A decision issued last week by the U.S. Court of Appeals for the D.C. Circuit in P&ID v. Nigeria puts that assumption in doubt by suggesting that an award can also be set aside by the courts of the state whose substantive law applies to the merits of the dispute.  Together with recent judgments in other jurisdictions, the decision underscores the importance for investors of:  (i) resisting selection of the host state’s substantive law where possible; and (ii) particularly where that is not possible, including express language confirming the parties’ agreement that, notwithstanding the choice of the host state’s law to govern interpretation of the contract, the arbitration process will be governed by the law of the arbitral seat.
Continue Reading D.C. Circuit Decision Underscores Need for Careful Drafting of Choice of Law Clauses in Host Country Agreements