Scrutiny Creeps In On Damages In Investment Arbitration
Law360 (July 12, 2019, 9:17 PM EDT) -- Arbitral tribunals have become more comfortable awarding billions of dollars in damages by estimating lost future profits, leading to increased attention among stakeholders on a practice that can appear inscrutable.
It's become more common for investors to claim in investment arbitration that they're owed huge sums for profits they could have collected had it not been for the acts of a foreign government, particularly when that government is accused of expropriating an investment.
Some awards have raised eyebrows, including one for $6.6 billion in a claim against Nigeria brought by engineering and project management company Process and Industrial Developments Ltd. over a gas-refining plant that had not yet been built....
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