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Filtered : Payment of Awards

• Occidental reaches agreements with Andes Petroleum in dispute related to division of proceeds stemming from Occidental v. Ecuador award

  Apr 15, 2024

• Ecuador Round-Up: New arbitrations are revealed, the state is brought before the ICJ, and government proposes referendum to remove arbitration ban from Constitution

  Apr 15, 2024

• [Updated] Dutch and UK bankruptcy courts adopt restructuring plan of CB&I that extinguishes debt owed to Colombia’s Reficar under 1.3 billion ICC award

  Feb 29, 2024

• Analysis: In Sodexo v. Hungary, tribunal split on distinction between “expropriation” and “dispossession”, but full tribunal found that Hungarian reform of meal voucher market breached BIT

  Dec 19, 2023

• Westwater announces settlement of ICSID dispute with Türkiye

  Dec 15, 2023

• Proceedings for set-aside of ICSID Additional Facility award are discontinued, as Kyrgyz and Uzbek parties reach settlement

  Dec 05, 2023

• In attempt to collect ICSID award, Italian businessman reportedly seeks seizure of funds earmarked for controversial migration agreement between Albania and Italy

  Nov 21, 2023

• [Updated] Canadian miner discloses completion of 30 million USD settlement with Tanzania in relation to ICSID dispute

  Oct 16, 2023

• [Updated] Reficar seeks §1782 U.S. Code discovery to fight corporate restructuring that would allegedly annihilate billion-dollar ICC award in favor of the state entity

  Sep 26, 2023

• [Updated] Germany agrees to pay 243 million EUR for settlement of passenger-vehicle toll arbitration

  Jul 06, 2023

• US court enforces Perenco v. Ecuador award, finding that disputed setoffs are not permitted in ICSID enforcement proceedings, and that post-judgment interest should accrue at the statutory (rather than the award’s) interest rate

  Mar 17, 2023

• Dispute over enforcement of intra-EU ICSID award against Spain heats up, as both parties to the NextEra v. Spain arbitration seek anti-suit injunctions

  Jan 13, 2023

• Nigeria announces 496 million USD settlement in long-running steel arbitration

  Sep 05, 2022

• South Korea secures OFAC exemption for payment of treaty award in favour of Iranian investors

  Jan 12, 2022

• [Updated] Vattenfall asks for discontinuance of ICSID arbitration against Germany, after settlement enters into force

  Nov 02, 2021

• Looking Back: ICSID tribunal in AIG v. Kazakhstan dismissed a jurisdictional objection based on the respondent’s lack of participation in the tribunal’s constitution, found an indirect expropriation, and discussed principles of compensation

  Sep 30, 2021

• US declines OFAC authorization for enforcement of billion-dollar award against Venezuela, despite threat of NAFTA claim

  Sep 25, 2021

• Southern and Eastern Africa Round-Up: A new award against Kenya’s airport authority, an ICC case involving Zimbabwe, and disputes looming in Burundi

  Sep 17, 2021

• Finnish investor lodges second UNCITRAL claim against Egypt

  Aug 18, 2021

• Farmers file to enforce ICSID award against Zimbabwe, while the state struggles to pay compensation for land expropriations

  Jul 26, 2021

• King & Spalding argues that dispute with former client over distribution of proceeds from third-party funded treaty-based arbitration should be arbitrated

  Jul 21, 2021

• Turkey Round-Up: Istanbul Canal project prompts political debate focusing on potential arbitration claims, an arbitration nearing an end, and an update on various other arbitration-related developments

  Jul 05, 2021

• Advocate General advises European court to quash judgment that found payment of Micula award to be compatible with state aid rules; opinion also touches on temporal application of Achmea judgment

  Jul 01, 2021

• After Vietnam pays hefty UNCITRAL BIT award, investor-claimant files suit against his lawyers accusing them of collusion with third-party funder to take greater share of winnings

  Jun 15, 2021

• UNCITRAL Secretariat releases notes on third-party funding and implementation of Code of Conduct

  May 25, 2021

• Failure to pay previous UNCITRAL award and alleged post-award denial of ownership rights prompt renewed treaty-based notice of dispute against Egypt

  May 12, 2021

• India is put on notice of treaty-based dispute over alleged retaliatory actions against claimants in billion-dollar satellite arbitrations

  May 08, 2021

• Ecuador is facing a renewed contract-based arbitration claim by former Petrobras subsidiary; tribunal already in place

  Mar 29, 2021

• Renewed settlement leads to discontinuation of $2+ billion Egyptian gas case

  Mar 14, 2021

• CIS Round-Up: Possible claims arising out of the Armenia-Azerbaijan conflict, and an update on disputes involving Russia, Turkmenistan, Kazakhstan, and Moldova

  Feb 17, 2021

• Investigation: Equatorial Guinea loses ICC arbitration due to failure to comply with earlier settlement agreement in investment dispute

  Feb 15, 2021

• Arbitration against Philippines concludes after investor sells stake in offshore gas field

  Jan 26, 2021

• CIS round-up: An update on arbitration cases against Ukraine, Kazakhstan, Belarus and Azerbaijan

  Dec 29, 2020

• Masdar v. Spain case is discontinued

  Dec 01, 2020

• Analysis: Tribunal in KBR v. Mexico found that proceedings for the enforcement of a commercial award fell under the scope of NAFTA’s waiver requirement

  Nov 27, 2020

• Stay of $6 billion award is partially lifted as Pakistan fails to meet conditions laid out by ICSID annulment committee

  Nov 10, 2020

• RREEF and Stadtwerke are said to renounce their arbitration claims against Spain

  Oct 22, 2020

• Group of renewables investors waive their arbitration rights in order to benefit from Spain’s new incentives scheme

  Oct 05, 2020

• South Korea round-up: Pleadings from LoneStar arbitration surface, a new enforcement action, and a win for Elliott Associates on a procedural matter

  Sep 03, 2020

• After identifying a “significant risk” of non-recoupment, ICSID ad hoc committee extends stay of enforcement of SolEs Badajoz v. Spain award

  Aug 27, 2020

• Majority in Unionmatex v. Turkmenistan agrees to rescind security for costs order

  Jun 26, 2020

• Reasons surface why Cube v. Spain committee declined the EC’s request to intervene as amicus curiae, and lifted the stay of enforcement of the award

  Jun 26, 2020

• Indian court upholds arbitration agreement in ICSID claimant’s fees dispute with US law firm

  Jun 12, 2020

• Stay of enforcement is terminated in renewables case, after Spain fails to provide an undertaking to comply with the underlying award

  Jun 01, 2020

• India reportedly settles treaty-based dispute with Nissan

  May 28, 2020

• Breaking: Resubmission tribunal in TECO v. Guatemala case awards additional damages in long-running electricity distribution dispute

  May 14, 2020

• Battle over $2 billion award continues as Union Fenosa settlement falls through due to pandemic

  Apr 24, 2020

• Spain is granted conditional stay of enforcement in renewables case, but argument on potential EU penalty for payment of ICSID award does not gain traction with ad hoc committee

  Apr 10, 2020

• In Tennant v. Canada, tribunal refuses to order interim measures and security for costs, but mandates third-party funding disclosure; bifurcation request is deemed premature

  Apr 05, 2020

• Canada round-up: Canada prevails in claim brought by Egyptian investor, as a number of other cases see new developments

  Mar 31, 2020

• Egypt settles dispute over LNG plant, thus drawing line under $2+ billion Union Fenosa arbitration

  Feb 28, 2020

• UPDATED: ICSID ad hoc committee offers to extend stay of enforcement of $400+ million arbitral award, if respondent-state commits to pay award if annulment application is unsuccessful

  Feb 24, 2020

• UK Supreme Court finds in favour of Micula brothers and lifts stay of enforcement of ICSID award

  Feb 19, 2020

• Romania round-up: As state reportedly moves to pay controversial Micula award, we provide an update on developments in seven investment treaty-based arbitrations

  Dec 17, 2019

• Crystallex v. Venezuela: U.S. Appeals Court OK’s enforcement of billion dollar ICSID award through attachment of shares in U.S. based refinery company

  Jul 29, 2019

• Sweden’s Supreme Court agrees to review Achmea-related effort to set aside BIT award, and to stay its enforcement in interim

  Apr 15, 2019

• Newly-released decision explains why annulment committee in Hochtief v. Argentina stayed enforcement of an award in favour of party seeking annulment

  Apr 02, 2019

• Annulment committee in Mobil v. Argentina maintained stay on enforcement of award, in newly-released decision

  Mar 31, 2019

• Venezuela round-up: an update on recent developments in investment claims against the state

  Dec 10, 2018

• European Commission refers Romania to European Court over failure to recover Micula compensation

  Dec 10, 2018

• Poland investment treaty claims round-up: an update on new claims, progress of ongoing cases, and enforcement/set-aside actions

  Nov 16, 2018

• ANALYSIS: now that first EU court has set aside an intra-EU BIT award due to Achmea ruling, we look at the fate of three other awards

  Nov 12, 2018

• Swiss Federal Supreme Court declines enforcement of investment treaty award, finding no “substantial link” to Switzerland in underlying dispute

  Oct 14, 2018

• An update on eight investment arbitration claims against Canada

  Sep 20, 2018

• ConocoPhillips concludes settlement agreement with PdVSA regarding payment of recent $2 billion ICC Award

  Aug 20, 2018

• A first look at ICSID’s proposed rules changes, including in relation to provisional measures, third-party funding, security for costs, and arbitrator disqualification

  Aug 03, 2018

• In newly-surfaced award, ICC tribunal rejects government’s attempt to use UN Convention on Corruption – and non-public tendering of contract – to argue for illegality of investment

  Jun 17, 2018

• Analysis: in a pair of recent decisions, ICSID committees disagree on conditions for continuing a stay of award enforcement; one committee deems conduct of state in a prior case to be in violation of ICSID Convention

  Jun 17, 2018

• Payment of investment treaty arbitration awards: an update on developments in Latin America

  Jun 12, 2018

• Elliott hedge fund BIT claims: U.S. hedge fund threatens Korea, as its separate BIT case against Poland nears conclusion, and compliance with adverse costs award in a third BIT case remains a mystery

  May 01, 2018

• Looking Back: In SPP v. Egypt, state is ordered to pay compensation after cancelling pyramids tourism project to preserve cultural heritage

  Apr 09, 2018

• English court orders security for costs against claimants in set-aside proceedings funded by Burford Capital, but declines security over still-unpaid adverse costs order in underlying arbitration

  Feb 12, 2018

• As another Spain award looms, four more previously-confidential renewables cases surface; potential liability for all pending claims now exceeds $9.5 billion

  Feb 07, 2018

• Ecuador settles long-running ICSID arbitration with US oil company

  Dec 04, 2017

• ICSID committee suspends annulment proceedings and lifts stay on enforcement in Vestey v. Venezuela

  Oct 27, 2017

• Stay of enforcement of $370+ million award is lifted, as ICSID panel does not see clear promise by Ecuador to swiftly comply if award is not overturned, nor a compelling case of economic hardship

  Sep 01, 2017

• In previously confidential rulings, stay of enforcement was lifted in Zimbabwe case, and ICSID panel gave the state another shot at effecting restitution of seized properties – but no payment or restitution was forthcoming

  Aug 27, 2017

• In new development, Micula claimants fail to obtain security from Romania as this would contravene EU Commission’s order prohibiting Romania from complying with award

  Jun 15, 2017

• After colorful collection battle, 45 million Euro BIT award against Thailand is recognized by Germany’s highest court

  Dec 11, 2016

• Kazakhstan fails in bid to set aside half billion dollar Energy Charter Treaty award

  Dec 09, 2016

• Russian space agency threatens BIT arbitration against France following moves to enforce Yukos award – dispute echoes Kaliningrad BIT claim against Lithuania

  Oct 24, 2016

• Billion dollar arbitral award rendered in claim brought by Rusoro Mining against Venezuela

  Aug 23, 2016

• Major setback for four award-creditors as Ontario court rules that shares eyed for seizure are not owned by Kyrgyz Republic

  Jul 13, 2016

• Highest Court in France weighs in with enforcement ruling on billion-dollar Kharafi v. Libya award

  Jun 20, 2016

• Argentina announces another settlement of unpaid BIT awards, once again at a discount

  May 15, 2016

• ANALYSIS: as Venezuela’s ICSID debts hits $4.6 billion (before interest), two ad hoc committees offer differing approaches to requests that stays of enforcement be lifted

  Apr 21, 2016

• In-depth: exploring the reasons why an ICSID annulment committee has declined Romania’s bid to annul Micula award

  Feb 28, 2016

• Debate erupts in U.S. Court as to Argentina’s arbitration award compliance record

  Nov 23, 2015

• Arbitrators selected for Stans Energy’s new claim vs. Kyrgyzstan, as battle over earlier award continues

  Nov 11, 2015

• Zimbabwe moves to annul arbitral awards rendered in favour of expropriated Swiss & German investors; separate $25+ million award still unpaid

  Nov 04, 2015

• In a first for Venezuela, written pledge to honor ICSID award is accepted by annulment committee – thus ensuring stay of enforcement of $1.6 billion Exxon award

  Oct 19, 2015

• ICC costs award in favor of Bulgaria is upheld, as domestic court rejects claimant’s allegation of tribunal bias against third-party-funded claimant

  Oct 19, 2015

• Ukraine: updates on arbitrator resignations, costs-order collections, and other recent arbitral developments

  Oct 08, 2015

• Recent post-award developments in the Micula v. Romania I case

  Sep 10, 2015

• Mexico secures dismissal of NAFTA claim brought by Kellogg, Brown and Root (KBR) in dispute arising out of unpaid ICC arbitration award

  Jun 23, 2015

• Russia held liable for expropriation of Italian business, Valle Esina S.p.A., in unpublicized investment treaty arbitration

  May 18, 2015

• Brussels makes it official: Romania’s ICSID debt to investors clashes with E.U. state-aid rules

  Mar 30, 2015

• Award compliance: updates on two awards against Democratic Republic of Congo, and a third against Turkmenistan

  Jan 22, 2015

• Investor’s duty to pass a portion of award-recovery to third-party funder is cited as a reason to not lift a stay of enforcement of that award

  Jan 22, 2015

• Panama claims update: Govt is sued over asphalt venture, as a second ICSID arbitration gets rolling, and costs-collection pursued in third case

  Dec 30, 2014