Dispute Between Reinsurer, Offshore Investment Company Belongs in Miami, Fla. Court Affirms

MIAMI — Miami is the most appropriate forum for a dispute over offshore investments between a Venezuelan reinsurer and an offshore financial investment company because that is where the main witness and bank accounts at issue are located, a Florida appeals court has affirmed.

On Nov. 7, the Florida Court of Appeal, 3rd District, rejected ABA Capital Markets Corp.’s argument that the dispute should be heard in Venezuelan court.

The reinsurer, Provincial De Reaseguros, entered into a transaction with ABA to swap bonds and make other offshore investments. After Provincial completed the transaction, it entrusted custody of the bonds …