Argentina filed with the U.S. District Court for the District of Columbia a petition to vacate an UNCITRAL arbitration award, which could have broader implications for determining partiality of arbitrators.
The dozens of cases that were initiated against Argentina as a result of the outburst of one of its worst economic and financial crises in late 2001 became an often-quoted sad illustration of many of these shortcomings of the ISDS system.
In the rush to oppose TTIP we mustn’t lose sight of the context in which the deal is being negotiated — the hundreds of bilateral treaties that give corporations the right to sue in secret ’trade courts’.
An international arbitral tribunal has just ordered Argentina to pay nearly 400 million Euro to Suez because in 2006, after years of conflict, Argentina renationalized the water services in Buenos Aires.
Un tribunal arbitral international vient de condamner l’Argentine à verser près de 400 millions d’euros à Suez environnement, pour avoir renationalisé le service de l’eau de Buenos Aires en 2006, après des années de conflits.
The Supreme Court on Monday shunned the republic’s latest appeal in a decade-long battle with BG Group plc, a British energy company that won a $185 million arbitration ruling against Argentina under a bilateral investment treaty.
Given the substantial problems with the current ICSID framework and the large number of cases currently pending against Argentina, denouncing the SID Convention and leaving the ICSID is the best course for the country.
Argentina has agreed to settle five separate investment treaty arbitration claims at a cost of around USD 500 million, in an historic departure from the Latin American state’s refusal to comply with awards made by international investment treaty arbitration bodies.