Argentina To Pay $500M To Settle Foreign Arbitration Claims

Law360, Los Angeles (October 18, 2013, 4:17 PM EDT) -- Argentina on Friday approved an agreement to settle $677 million owed to five foreign companies for arbitration claims brought against the country before the World Bank's International Centre for Settlement of Investment Disputes.

Argentina’s Ministry of Economy and Public Finances Office issued Resolution 598/2013, signed by Economy Minister Hernán Lorenzino, on Friday. Under the resolution, the country will pay approximately $500 million to settle the $677 million in awards issued by arbitration tribunals under various international trade laws and regulations, according to a statement.

“The resolution...
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