European Trade Commissioner Cecilia Malmström tried to convince MEPs that there are ways to keep the Investment-State Dispute Settlement in the Transatlantic Trade and Investment partnership deal. But unimpressed lawmakers failed to greet it as a full-fledged reform.
From an international policy point of view, South Africa’s denunciation of BITs is reasonable. It may even be seen as a refreshing retreat from a legal quagmire. But the domestic reality requires wider consideration.
V.V. Veeder, a British national, has been appointed as the presiding arbitrator for a $4.7 billion international litigation between the Korean government and Dallas-based Lone Star Funds, sources said Tuesday.
The European Commission’s most recent proposal for ISDS reflects a move away from fake reforms to something potentially more meaningful, but it is insufficient and unreliable, says legal expert Gus Van Harten.
The EU’s trade chief proposed on Tuesday creating a new European court to settle disputes in international trade agreements, a step aimed at overcoming growing public resistance to a free-trade accord with the United States.
A former top financial official who advocated for Korea Exchange Bank’s breakaway from Lone Star has taken up a position in a law firm that represents the US buyout firm at a time when the firm is suing the Korean government for $4.6 billion in an investor-state dispute.
The Dutch company will file an ISDS application against the Korean government, should the authorities refuse to pay 183.5 billion won ($169.9 million) in tax refund.