In Operafund Eco-Invest SICAV Plc and Schwab Holding AG v Kingdom of Spain [2025] EWHC 2874 (Comm), the English Commercial Court held that awards rendered under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (“ICSID Convention”) or the Energy Charter Treaty 1994 (“ECT”) are not assignable to third […]
UNCITRAL Code of Conduct for Arbitrators
The UNCITRAL Code of Conduct for Arbitrators in International Investment Dispute Resolution (the “UNCITRAL Code of Conduct”) recalibrates ethical expectations in investor-state dispute settlement. Adopted in 2023 under UN General Assembly Resolution 78/105 after six years of work in UNCITRAL Working Group III, it is a voluntary soft law instrument.[1] Accordingly, it sets recommended standards […]
Interpreting Treaties in Investment Arbitration
Interpreting treaties in investment arbitration is central to resolving disputes where the applicable international instruments are often complex and open to competing readings. Practical interpretation determines jurisdiction, scope of protection and ultimately the outcome of disputes. In a previous note, we outlined how investment tribunals approach treaty interpretation. In this note, we take a closer […]
Shareholder Claims for Reflective Loss in Investor-State Arbitration: An Overview
Reflective losses are indirect losses, such as a decrease in the value of the shares, suffered by shareholders as a result of harm to the company in which their shares are held.[1] Reflective losses differ from direct losses suffered by shareholders, which may occur through the seizure of shares or barriers to shareholder attendance of […]
Which Foreign Investors Could Sue Trump’s United States in Arbitration?
Since taking office for the second time, President Trump has unleashed a torrent of executive orders aimed at reshaping America’s legal and political landscape — from immigration and climate change to trade, civil rights, energy policy, and tariffs.[1] His unpredictable approach to governance has sparked domestic and international concerns, particularly among foreign investors who may […]