Tribunal Acknowledges Error In Costa Rica Real Estate Award

Law360, New York (April 20, 2017, 7:37 PM EDT) -- An arbitration initiated by U.S. real estate investors who claim Costa Rica improperly took over their land for a national park has taken a left turn after the tribunal acknowledged an "error or omission of a factual nature" in an award issued last fall dismissing much of the dispute.

The statement came in an April 17 letter concerning a decision last October by an International Centre for the Settlement of Investment Disputes tribunal. It had decided at the time it lacked authority to consider the investors' claims with regard to a majority of the properties in question. The arbitration had been...

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