Irrespective of unconscionable conduct by claimants, cost are split equally between the parties in light of the novelty of the NAFTA mechanism (and other factors)

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Tribunal identifies various shortcomings of investor group, and considers that they entered into contract under false pretences

In expounding on the nature of the NAFTA investment protection mechanism, the tribunal offers an early view on the distinction between contract and treaty claims

Tribunal further criticises claimants’ misconduct

Dispute arose out of short-lived waste collection concession contract

Tribunal does not prohibit parties from interviewing opposing party’s witnesses, but sets out guidelines for the process

Without denial of justice, a contract validly terminated under local law does not amount to expropriation

Due to overall result, tribunal sidesteps question of claimants’ standing

Tribunal elaborates on the concept of denial of justice, endorses decisions of Mexican courts

Threat to expropriate not an expropriation

For the tribunal, the MST is not limited “to the kind of outrageous treatment referred to in the Neer case”

Investor’s resubmission not an abuse of process

“The law of breach of contract is not secreted in the interstices of Article 1110 of NAFTA.”

Indirect shareholding protected under NAFTA

NAFTA is not an insurance policy against bad business judgments

Second tribunal considers the relevance of previous award for new proceedings*

Contractual breaches, on their own, are not an expropriation

Due process failings add to FET breach

Compensation: DCF valuation is rejected

Tribunal glances at environmental clause and sees nothing to dissuade it of FET breach

Absence of clear rules across federal entities violates transparency requirements under FET

Tribunal rejects confidentiality order sought by Mexico

Tribunal accepts jurisdiction over effects of measure passed after arbitration had commenced

FET breach leads to expropriation as well, tribunal says

Tribunal assesses local authority’s legal powers to require permits, and emphasises federal government’s representations to investor

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