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$3 Million Sanction Exceeded Arbitrator's Authority, Panel Says
A unanimous First Department panel has rejected a sanction against oil tycoon Jack Grynberg in a decade-long dispute with BP and Statoil, but remanded the issue of whether payments made by BP were intended as bribes for foreign officials back to arbitration.Eric Butler's appellate lawyer, Steven Molo, persuaded Judge Jack Weinstein to reject the prosecution's call for a 15-year sentence as punishment for lying to clients about auction-rate securities.