Background: Italy reforms its PV regulatory framework

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Claimants’ costs were unreasonably high for a straightforward expropriation case, but respondent’s failure to admit any responsibility also weighs in decision on costs

Larger sample of comparators used by claimants is to be preferred; usual approach is to adopt unmodified country risk premium

Argentina’s jurisdictional objections ratione materiae are dismissed at advanced stage

Tribunal’s earlier findings on quantum were not contradictory and cannot be revised absent exceptional circumstances

Claimants’ failure to provide sufficiently disaggregated evidence dooms their case for incidental damages

Claimants barely advanced claim of closure costs as incidental damages in original proceedings, but there is no prejudice in ruling on the matter in a supplementary decision

Tribunal has power to reconsider earlier decisions in exceptional circumstances

Claimants’ litigation strategy in delaying their claims results in interest running only from their notice of dispute

Closure costs cannot enter fair market value analysis without double counting

Beta to discount rate should not be reverted to one, but kept constant

While claimants managed to match revenue projected by the Business Plan, estimates of costs were not borne out by the facts and relied on untested assumptions

Both projections and historical data are helpful to value a business, though they both have shortcomings

Discrepancy with DCF and reliance on single transaction dooms proposed market approach

Valuation is impacted by financial crisis, but this does not make it a case of duress

Police powers doctrine is only relevant for indirect expropriations

Claimants’ bundle of rights and assets was protected under the BIT

Argentina’s political choice to terminate private pension regime was not obviously pretextual, and breached no legitimate expectations from the claimants

Argentina cannot prove prejudice in claimant’s decision to wait nearly 8 years before bringing the claims

Amici are allowed to participate, but can only address limited questions

Claims by MetLife Retiro are discontinued with prejudice

Background: MetLife’s investment in private pension fund comes to an end when new government nationalises entire system

Costs are awarded in favour of Kosovo, but success fee is reduced

Nottenbohm test also points to Kosovar nationality, which the tribunal finds to be dominant and effective

If he had attempted to do so (quod non), Mr Devolli could not rely on his Serbian nationality, since Kosovo does not recognize Serbia’s claim that Kosovo’s citizens are Serbians

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