backKing & Spalding has won Latin Lawyer’s Disputes Deal of the Year for its role in one of Brazil’s largest commercial disputes, representing CA Investment (Brazil) S.A. in a $3 billion arbitration against J&F Investimentos S.A. and Eldorado Brasil Celulose S.A. The high-stakes clash centered on J&F’s alleged obstruction of CA’s multibillion-dollar bid to acquire Eldorado, one of the world’s largest pulp producers.
In 2021, a unanimous ICC Tribunal issued an award ordering J&F and Eldorado to complete the sale and condemning their bad-faith conduct. The ruling remained intact after a high-profile annulment effort in Brazilian courts was rejected, culminating in a 231-page judgment upholding the award.
The matter ultimately resolved in 2025 through a confidential settlement for CA Investment. The King & Spalding team was led by Partner Harry Burnett from Miami.