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Sovereignty Question Lingers After Philip Morris Arbitration

Law360, New York (May 31, 2016, 8:40 PM EDT) -- The Permanent Court of Arbitration's rejection of a challenge by Philip Morris to Australia's plain-packaging legislation for cigarettes does little to address the controversial issue of how much influence foreign investors may have on a state's legislative powers.

Hong Kong-based Philip Morris Asia Ltd., which is the Asian regional affiliate of the Philip Morris International group of companies, claimed in the arbitration that a 2011 law adopted by Australia imposing a sweeping ban on trademarks of any kind on cigarette packages violated its rights under a 1993 bilateral investment treaty between Hong Kong and Australia by substantially diminishing the value of...

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