A state appeals panel has rejected an arbitrator’s $3 million sanction against oil tycoon Jack Grynberg in a decade-long dispute with BP and Statoil, ruling that the arbitrator exceeded his authority in sanctioning Mr. Grynberg for filing a series of lawsuits in bad faith.
The unanimous Feb. 21 opinion in Grynberg v. BP, 116840/04, affirmed a December 2010 decision by Manhattan Supreme Court Justice Jane S. Solomon that the sanctions award should be vacated.
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