Yesterday’s post set the stage by describing the main provisions of a new voluntary Code of Conduct for “funding of resolution of disputes within England and Wales,” released in November 2011. Today’s post examines criticisms of that initiative from several corners, and notes important questions that persist in the arbitration arena, including issues surrounding the…
The use of third-party funding for international arbitration has been growing for several years, and its potential benefits and risks have received increasing attention from the arbitration community. The November 2011 release in the United Kingdom of a Code of Conduct for funders has galvanized the debate. The Code is the first-ever attempt at voluntary…
The new Portuguese arbitration law that shall enter into force on 14 March 2012 represents a remarkable evolution in the arbitration framework in Portugal. The former Portuguese arbitration law was published in 1986 (not following the UNCITRAL Model Law) and despite being considered a progressive law at the time it was clear that it lacked…
West Tankers Inc v Allianz SpA v Generali Assicurazione Generali SpA [2012] EWCA Civ 27 On 24 January 2012, London’s status as a pro-arbitration forum was given a major boost when the Court of Appeal handed down judgment on the latest chapter of the West Tankers dispute. Upholding an earlier Commercial Court decision of 6…
During the course of a chat with Prof. Roger Alford over lunch in Notre Dame I realized the “uniqueness” of Article 157 of the Sri Lankan constitution. It defines the status of Bilateral Investment Protection Treaties (BITS) within the Sri Lankan constitutional order. Article 157 of the Sri Lankan constitution states as follows: “Where Parliament…
Overview of the conference held on February 23 – 24 in London A conference on international dispute resolution involving Russian and CIS (Commonwealth of Independent States; association of former Soviet Republics) companies took place in London last week. The conference was well attended, mainly by major law firms in London and Russia, by Cypriot lawyers…
It appears that the Supreme Court of Pakistan is gradually paying attention to developments in International Arbitration and to the negative remarks the Court received in the past for its hostility towards international arbitration proceedings. Without any stretch, the Supreme Court of Pakistan is widely quoted around the world as the case in point for…
Following its June 2011 decision in the case of STMicroelectronics, NV v. Credit Suisse Securities (USA) LLC, 648 F.3d 68 (2d Cir. 2011), the Second Circuit has again considered the issue of vacating an award due to an arbitrator’s non-disclosure. Earlier this month, the Second Circuit handed down judgment in the case of Scandinavian Reinsurance…
Recent events in Romania have added a new twist to the debate on party-appointed arbitrators after an arbitration institute centralized the power to appoint arbitrators in one person and decided to remunerate the individual. By now, arbitration practitioners should be well aware of the arguments for and against party-appointed arbitrators. There is little to add…
My experience, first hand, from hunting for a third party funder was different than I had anticipated. I have been researching this newer field for some time now and have entered some previous posts which go more into the basics of what it is and how it works. So, I won’t repeat all of those…
The HKIAC has launched a consultation process to consider modifications to its Administered Arbitration Rules, which came into force on 1 September 2008 (the “Rules”). Users of the Rules have been invited to comment on proposed amendments outlined in a HKIAC consultation paper dated 15 December 2011. A copy of the consultation paper can be…
This is the time of year when law students and young lawyers begin to apply for their summer internships or jobs in international dispute resolution. Many – probably most – will carefully draft their curriculum vitae to show their serious commitment to relevant academic studies, experience in international disputes or with law firms, and participation…
A commentary on the OECD Competition Commission conclusions on using arbitration to effectively resolve competition law disputes By Francesca Richmond and Sarah West There has been increasing use of arbitration to resolve disputes involving competition law issues in recent years. However, it is surprising that the number is not even greater given that arbitral processes…
The Carlyle group today announced that it was withdrawing the mandatory arbitration clause that was included in its registration statement filed with the Securities and Exchange Commission (“SEC”), in response to pressure from shareholder rights activists, potential investors and the SEC. Carlyle, which is preparing to conduct an IPO this year, had earlier included in…
It’s been nearly two months since public hearings concluded in an ICSID arbitration brought by a U.S. investor, Railroad Development Corporation, against the Republic of Guatemala. And it’s been about 8 months since public hearings wrapped up in another ICSID arbitration between Pacific Rim and the Republic of El Salvador. Both proceedings were webcast online,…
Just a few weeks ago, an arbitral award made headlines in the German press: “Advisors in Märklin deal to pay multi-million euro fine”, “Märklin: advisors to pay damages”, “Märklin fallout: Former owner awarded $18.7 million in judgment against consultant”, to name but a few examples. According to the newspapers, the US-based consulting firm AlixPartners was…
By Matthias Scherer and Sam Moss In a recent decision issued on 7 November 2011 on a request for annulment of a partial award on jurisdiction rendered by the Court of Arbitration for Sport (“TAS”), the Swiss Supreme Court recalled and applied its previous jurisprudence on the interpretation of pathological arbitration clauses (Case 4A_246/2011). The…
This is an update on the post of 27 January 2012 dealing with the African Fertilisers decision. Last week, the English Court of Appeal handed down its judgment in the latest episode of the West Tankers dispute, upholding the first instance decision and approving the decision of the Commercial Court in African Fertilisers. The decision…
Last week was a blockbuster one in the ongoing battle between Chevron and Ecuador. On Wednesday, the arbitral tribunal adjudicating Chevron’s BIT claim issued an Interim Award ordering Ecuador “to take all measures at its disposal to suspend or cause to be suspended the enforcement or recognition within or without Ecuador of any judgment against…
In February 2010, Philip Morris International (PMI) filed a request for arbitration under the ICSID Convention against the Republic of Uruguay. 1)Philip Morris Brand Sàrl (Switzerland), Philip Morris Products S.A. (Switzerland) and Abal Hermanos S.A. (Uruguay) v. Oriental Republic of Uruguay (ICSID Case No. ARB/10/7). Pending (the Respondent filed a memorial on jurisdiction on September…
The judgment in the case of Mary Harvey v. Motor Insurer’s Bureau (QBD (Merc) (Manchester), Claim No: 0MA40077, 21 December 2011) just before Christmas provided another opportunity for the English courts to rule on their ability to consider appeals on a point of law. This controversial power, retained in the UK’s Arbitration Act notwithstanding its…
It has become fashionable in recent years, each time an ICSID annulment decision is released that takes issue with the procedures or reasoning of an ICSID tribunal, for commentators to bemoan the lack of certainty, predictability and finality that this reflects in the ICSID system for adjudicating investment treaty disputes between investors and host States….
Following the path of the hotly debated West Tankers decision, in African Fertilizers v BD Shipsnavo, the English Commercial Court held that a declaratory award is enforceable, allowing judgment to be entered on the same terms as the arbitral award. Such an order enables a party to obtain the material benefit of the award and…
This is the second article in a three-part series summarising the main valuation methodologies used for the purposes of determining economic loss. In part one, I provided an overview of the market-approach methodology. I now turn to the income-based approach, focusing on the discounted cash flow (DCF) methodology. In my previous article, I noted that…
