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Tag Archives: Argentina

U.S. Supreme Court decides first case related to international investment treaty arbitration

The United States Supreme Court (the “Court”), on 5 March 2014, issued its first decision in the area of international investment treaty arbitration. The Court, by a 7-2 majority, decided BG Group PLC. v. The Republic of Argentina in favor of BG Group. The Court effectively elected not to second-guess procedural rulings made by investment treaty tribunals. The Court reversed the U.S. Court of Appeals for the D.C. Circuit’s ruling that an UNCITRAL tribunal lacked the authority to decide a US$185 million dispute, and instead upheld the tribunal’s award in

French Cassation Court: Waiver of Immunity from Enforcement must Specify Categories of Assets Covered

Sovereign immunity from enforcement is a major concern for investors. This international law principle implies that a State’s asset cannot be seized without its consent to enforce a judicial or arbitral decision, including international investment arbitration awards. Dispute resolution clauses in many contracts concluded with States contain therefore an express waiver of immunity from, among other things, enforcement. But this might not be sufficient: in NML Capital Ltd v Argentina the French Cassation Court has tightened the previous test for such waivers to be effective. French case law has traditionally restricted