Switzerland Escapes $300M Real Estate Claim

By Victoria McKenzie (January 19, 2022, 7:51 PM EST) -- Switzerland has escaped a $300 million real estate claim filed on behalf of three Italian investors who said the government and national bank took actions that devalued their properties.

On Wednesday, the International Centre for Settlement of Investment Disputes discontinued a dispute filed in 2020 by Seychelles-based Human Rights Defenders Inc., as assignee of Natale Palazzo, Rodolfo Scodeller and Antonio Basile, for failure to cover arbitrators' per diem costs.

Human Rights Defenders filed notice of the claim in 2019, arguing that Switzerland intentionally set out to devalue property and obstruct real estate development with a 1989 federal decree that retroactively banned...

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