Argentina settles five investment treaty awards
Argentina has agreed a settlement relating to five investment treaty arbitration awards, made between 2005 and 2008, pursuant to which it was ordered to pay a total of more than $450m (£280m) plus interest.
The settlement involves the transfer of previously issued sovereign bonds to the award creditors in return for the discontinuance of all ongoing judicial proceedings relating to the awards.
The settlement brings an end to a long stand-off between Argentina, which has always insisted that the awards needed to be enforced through its federal courts, and the award creditors, who have maintained that the ICSID Convention requires Argentina to comply with the awards without any such enforcement procedure…
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