Axed Venezuela Claim Will Spur Similar Arguments In Future
Law360, New York (January 5, 2018, 9:49 PM EST) -- A November decision dismissing a more than $1 billion arbitration against Venezuela after the country denounced an underlying treaty departs from the reasoning of tribunals that have considered similar situations, providing fuel for nations to continue raising the same argument as Venezuela's, experts say.
In a Nov. 13 award, an International Centre for Settlement of Investment Disputes tribunal rejected a claim brought against Venezuela by two companies seeking more than $1.033 billion in damages after Venezuela expropriated their investment in the country's two largest glass manufacturing production plants without compensation.
The tribunal concluded it lacked jurisdiction to consider the claim, which...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!