Analysis

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...

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