International Insurance v. Caja Nacional De Ahorro Y Seguro

MANION, Circuit Judge.

After a default award was entered against defendant Caja Nacional de Ahorro y Seguro (“Caja”) in arbitration proceedings, International Insurance Company (“IIC”) filed a petition in federal district court seeking to • confirm the award. After Caja filed an answer and affirmative defenses, IIC moved for an order requiring Caja to post pre-judgment security. Caja responded that it was immune from posting such security under the Foreign Sovereign Immunities Act (“FSIA”). The district court held that the FSIA did not preclude it from requiring Caja to post pre-judgment…