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Analysis: ICSID tribunal in Al Ramahi v. Hungary finds no denial of justice in regular application of bankruptcy law by Hungarian courts; 8 billion EUR fine was “shockingly disproportionate”, but later corrected by domestic legal system

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Revealed: ICSID tribunal in MetLife v. Argentina sees no customary international law limitation period and finds that state expropriated pension fund’s assets, but quantum is reduced to fraction of damages claimed

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Analysis: Naftogaz tribunal majority finds that all investments fall within the temporal scope of the Ukraine-Russia BIT, and orders Russia to pay 4.2 billion USD on account of an expropriation of the claimant’s Crimean assets

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Awards in Naftogaz v. Russia surface in the context of US enforcement proceedings, after tribunal agrees to correction of clerical errors

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Analysis: In recently-surfaced rectification decision, Lone Star v. South Korea tribunal finds that the claimants’ response to the state’s request amounts to a new – and untimely – rectification application; damages are reduced by 500,000 USD

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[Updated with Award] Analysis: Westwater v. Turkey tribunal decides that cancellation of uranium licenses breached the Turkey-USA BIT, but only awards 1.3 million USD in sunk costs, plus interest and legal fees; lost profits claim is rejected based on lack of causation

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Analysis: Tribunal majority in Lone Star v. Korea decides that financial regulator acted in its own self-interest by covertly lowering the investor’s exit payment; dissenter doubts this finding on the facts, and sees no wrongful conduct or causality

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ICSID Chair dismisses bid to disqualify ad hoc committee members in Conoco v. Venezuela case, following recommendation by Ian Binnie

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Laos defeats bid by casino investors to set aside pair of awards; court emphasizes that arbitrators have a “public duty” to address issues of corruption

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Revealed: ICSID ad hoc committee in Cortec v. Kenya opines that supplementary decision mechanism is the proper remedy for infra petita awards, and dismisses bid to annul finding that investment treaties contain an implicit legality requirement

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In a nod to the Renco saga, an UNCITRAL tribunal in Amorrortu v. Peru decides to bifurcate the respondent’s local litigation waiver objection, raising concerns about the US-Peru TPA’s limitation period

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