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In International Investment

USA: District court confirms ICSID award’s interest rate

by 3 Mins Read

In Mobil Cerro Negro, Ltd. v. Bolivarian Republic of Venezuela, No. 14-8163-cv (S.D.N.Y. Mar. 4, 2015), the District Court for the Southern District of New York confirmed an ICSID award’s interest rate, denying Defendant’s motion to modify the award to reflect a statutory interest rate. Defendant, Venezuela, sought modification of a prior order of the court (the “Opinion”) which confirmed Plaintiff’s $1.6 billion International Centre for Settlement of Investment Disputes (“ICSID”) arbitral award. Defendant argued…

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In Arbitration Procedure

Disregarding Witness Statements? Why Arbitrators cannot Unring the Bell

by 4 Mins Read

Witness evidence in international arbitration is generally prepared by witness statements these days. A witness statement is a written account of the testimony that a witness wishes to deposit in an arbitration. In the majority international arbitration cases, an oral examination then follows the typical common law pattern of direct examination – cross-examination – re-examination. If the oral testimony is prepared by written witness statements, it has also become almost standard practice that the written…

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In Arbitration Procedure

Is a Recent ICSID Decision Giving Real Teeth to Security for Costs or Merely Kicking the Can Down the Road?

by 4 Mins Read

On April 8, 2015, a three-person tribunal at the International Centre for Settlement of Investment Disputes (“ICSID”) took an expansive view of its authority to impose sanctions to enforce a security for costs order. In RSM Production Corporation v. Saint Lucia, ICSID Case No. ARB/12/10, the claimant-investor, RSM, failed to comply with the tribunal’s August 20, 2014 order that it post security for costs in the amount of USD 750,000 within 30 days. By e-mail…

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In North America

USA: Arbitrator and counsel affiliations with ICC not evidence of bias

by 8 Mins Read

In Landmark Ventures, Inc. v. InSightec, Ltd., No. 14 Civ. 0233 (S.D.N.Y. Nov. 26, 2014), the U.S. District Court for the Southern District of New York denied a request to vacate a New York Convention award on several grounds, including an argument that the arbitrator was biased towards one party because both she and the party’s counsel were affiliated with the ICC. Petitioner Landmark Ventures, Inc. (“Landmark”) is a New York corporation that provides financial…

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