Australian Court OKs $250M In Awards Against Spain
Law360 (February 24, 2020, 10:18 PM EST) -- An Australian court on Monday enforced nearly $250 million in arbitral awards owed to renewable energy investors that had prevailed in disputes with Spain over revoked economic incentives, rejecting the country's argument that it was entitled to sovereign immunity.
Spain claimed that the court lacked jurisdiction over the dispute, which related to two arbitral awards issued to European entities that had invested in Spain's renewable energy sector. The country argued that, because Australian law bars litigation in which an applicant is seeking a money judgment against a foreign sovereign, this overrode international law stripping nations of any such immunity in proceedings...
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