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Treaty requires exhaustion or at least 1 year of pursuing claims locally without having reached a final ruling
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Arbitrators set forth a test for what type of local litigation would meet the BIT’s requirement
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Could a local court action initiated by Romanian side meet test in BIT?
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No need for local dispute to raise allegations of BIT breach per se
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Arbitrators reject claimants’ bid to seize upon different variations of “dispute” used in BIT so as to argue that some types don’t require local litigation
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No MFN or futility arguments raised by claimants
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Policy concerns dictate arbitrator reticence on non-essential issues and arguments
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