…Micula, PL Holding judgments (see previous coverage here) by effectively preventing the recognition and enforcement of intra-EU ISDS awards within the EU. Accordingly, Swedish and French courts have annulled several…
On October 2, 2024, the EU General Court delivered a much-anticipated decision in the long‑running Micula saga, upholding the European Commission’s qualification of the award in Ioan Micula, Viorel Micula,…
…Circuit, No. 23-7008, 14 May 2024 Sophia Sepulveda Harms, King & Spalding LLP, ITA Reporter for the United States of America Appellees Ioan Micula et al. (‘Micula’) initiated arbitration against…
…the Micula saga. However, the Amsterdam Court’s considerations will influence whether Spain would be justified in not adhering to its obligations under the Final Award. “The Emperor has no clothes”…
…as seen in the Micula v Romania (1) case. Paschalidis rounded off the panel contributions, exploring, among other points, the stance of the Luxembourg Court of Cassation in the Viorel…
…December 2020 (see Arts. 86(2) and 127(1) of the Withdrawal Agreement). During this transition period, on 19 February 2020, the UK Supreme Court (“UKSC”) issued a judgment in Micula v…
…2020 its Supreme Court allowed the enforcement of the Micula award during the Brexit transition period. Finally, Mr. Nessi presented the out-of-court strategies of EU investors targeting sovereign debt instruments…
…of the 1966 Act and also the ratio of [the United Kingdom Supreme Court’s decision in Micula & Ors v Romania (European Commission Intervening) [2020] UKSC 5)]”. It was not…
…Al-Karim first focused on the Micula dispute, observing that the 2024 judgement is part of the EU’s wider struggle with investment arbitration. In turn, Ms Macdonald saw a trend towards…
…enforced an intra-EU investment award, the notorious Micula award. The judgement of the CJEU on this matter is still pending. Anti-Suit Injunctions to Stop Intra-EU Investment Arbitration: News From…
…arbitration agreement); and Chevron Corp. v. Republic of Ecuador (rejecting Ecuador’s argument that its offer of investor-state arbitration had not encompassed contract claims). The Amicus further highlights Micula v. Government…
…EU Member States. This ruling was confirmed in PL Holdings, in Komstroy, and later in Micula concerning the enforcement of an award rendered by a tribunal of the International Centre…
…UK. The Commercial Court’s recent decision in Infrastructure Services Luxembourg SARL & Anor v Kingdom of Spain made clear that (following earlier case law including Micula v Romania), intra-EU ICSID…
Some of the largest arbitral awards rendered in favour of investors have been based on tax-related (mis)conduct of host states towards investors, e.g., a series of Yukos and others v…
…Northern Ireland, on the enforcement of the Micula award by the English courts. Investor-State dispute settlement (ISDS) reform continues under the auspices of UNCITRAL Working Group III, with the first…
…their EUR 120 million ICSID ECT award against Spain. Similarly, in 2020, the UK Supreme Court enforced the USD 250 million intra-EU IIA Micula v. Romania award. Given the recent…
…certain remedies merely because of potential enforcement risks. As the Micula tribunal stated: “the fact that such a remedy might not be enforceable pursuant to Article 54 of the ICSID…
…Stance to Intra-EU Investment Awards in the Micula Judgment of the Supreme Court and Subsequent Developments The (unanimous) judgment of the UK Supreme Court (“UKSC”) in Micula provided award-holders with…
…arbitration law. In the senate’s preliminary view though, EU law changes the analysis. The presiding judge observed that the CJEU had confirmed Achmea multiple times; Micula (European Food) and Romatsa…
…Comprehensive Trade Agreement (CETA). I. Developments from Luxembourg 2022 kicked off with another tile in the mosaic of the Micula saga, the judgment rendered by the CJEU in Case…
…broadly: first, the early cases against Hungary, second, Micula, Achmea, and the following developments regarding the intra-EU ISDS policies, third, Vattenfal and the public outrage against the challenge to the…
…in Micula v Romania Lords Lloyd-Jones and Sales said that arts.54(1) & 55 ICSID Convention arguably support allowing ICSID arbitral awards to be resisted using defences to enforcement of a…
…(by the award debtors, but also by the European Commission) on the basis of intra-EU objections. An illustrative example is the Micula saga, where the investor tries to enforce the…
…arbitration clause of the Energy Charter Treaty. The CJEU has also determined that this incompatibility extends to arbitrations governed by the ICSID Convention: in Micula, the Court ruled that as…
