ISDS Reform Will Have To Come From Outside, Reichler Says
Law360, New York (August 2, 2016, 4:05 PM EDT) -- A concerted effort on behalf of a majority of nations will be required to reform a deeply flawed and biased investor-state dispute system that favors investors, according to Paul Reichler, chairman of Foley Hoag LLP's international litigation and arbitration department.
Institutions like the World Bank's International Centre for the Settlement of Investment Disputes and the International Chamber of Commerce are "addicted" to the present system, despite the fact that states around the world have lost confidence in it, Reichler said. Each institution needs to continue bringing in new cases to survive, and that's only going to happen if investors remain confident...
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