Ecuador Triumphs In $2B Claim Over Electricity Deal

Law360, New York (June 9, 2009, 12:00 AM EDT) -- Ecuador has prevailed in a nearly $2 billion international arbitration claim challenging its move to expropriate a long-term electricity concession from Empresa Electrica del Ecuador, a company that an Ecuadorian national had claimed control over through a series of trusts in the Bahamas and a Maine-based business.

The World Bank's International Centre for Settlement of Investment Disputes ruled June 2 that EMELEC lacked jurisdiction to bring the arbitration proceedings under the bilateral investment treaty between the U.S. and Ecuador because it had not shown that the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.