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Argentina breached fair and equitable standard
Practical Law UK Legal Update Case Report 1-376-6273 (Approx. 6 pages)
Argentina breached fair and equitable standard
by PLC Dispute Resolution
In Sempra v Argentina (ICSID Case no ARB 02/16), an ICSID tribunal has awarded compensation for breach of a treaty provision entitling the investor to fair and equitable treatment; and has also found a breach of the umbrella clause in the US-Argentina BIT.
The tribunal's award covers some well-worn ground concerning the economic crisis in Argentina, and its conclusions on issues relating to the scope of the defence of necessity, and the meaning of the umbrella clause, are not entirely consistent with views of previous tribunals. The award is also of note because, by a majority, the tribunal refused to award post-award interest.
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Resource ID 1-376-6273© 2024 Thomson Reuters. All rights reserved.
Published on 04-Oct-2007
Resource Type Legal update: case report
Jurisdictions
Related Content- International
- United States