Unilateral jurisdiction clauses may not always be effective

It is not uncommon, particularly in a finance context, for an agreement to give a wider choice to some parties than others to decide where disputes will be resolved. For example, an agreement may provide that the courts of a … Continue reading

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Filed under Europe, Finance

UK Supreme Court clarifies “commercial purposes” exception to state immunity; when enforcing against property, its origin is irrelevant

The UK Supreme Court has issued a decision relating to the enforcement of state assets in SerVaas Incorporated v Rafidain Bank and others.  This decision provides guidance on the scope of the “commercial purposes” exception from immunity from execution, and, … Continue reading

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Filed under Enforcement, Europe, Europe, Sovereign Immunity

Herbert Smith publishes briefing on Eurozone Crisis

On Wednesday 30 May 2012, Herbert Smith hosted a webinar focussing on some of the legal implications of the escalating Eurozone crisis, including the prospect of a Greek departure from the currency union (the Eurozone) and the remedies available for … Continue reading

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Filed under Europe, Europe, News

The ICJ firmly upholds principles of sovereign immunity in its recent judgment in the case of Germany v Italy

On 3 February 2012, the International Court of Justice (ICJ) gave judgment in favour of Germany in respect of proceedings against Italy alleging violations of sovereign immunity.  Sovereign immunity is one of the fundamental principles of international law, providing that … Continue reading

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Filed under Advice on State Contracts and Disputes, Enforcement, Europe, Public International Law, Sovereign Immunity

Third time lucky for Argentina as tribunal rules MFN clause does not extend to dispute resolution

In ICS Inspection and Control Services Limited (United Kingdom) v The Argentine Republic (PCA Case No. 2010-9), a tribunal at the Permanent Court of Arbitration in The Hague has held that a requirement in the Argentina-UK BIT to first submit … Continue reading

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Filed under Europe, Investment Arbitration

Herbert Smith hosts ICC conference ‘Investment Treaty Arbitration: a ‘BIT’ of a problem?’

On 22 March 2012, Herbert Smith is hosting an ICC UK Conference on Investment Treaty Arbitration entitled ‘Investment Treaty Arbitration: a ‘BIT’ of a problem?‘.  With international foreign direct investment having increased exponentially in the last years, investor-state disputes are … Continue reading

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Filed under Europe, Institutions, Investment Arbitration, News, Public International Law

Supreme Arbitrazh Court declares non-arbitrability of corporate disputes

In its Ruling No VAS-15384/11, dated 30 January 2012 (the “Ruling“) the Supreme Arbitrazh Court of the Russian Federation declared that corporate disputes cannot be referred to arbitration. This Ruling will very seriously impact on transactions with shares in Russian … Continue reading

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Filed under Arbitrability, Europe

PRIME Finance: a new dispute resolution option for the financial sector

A new financial dispute resolution body, the Panel of Recognised International Market Experts in Finance (“PRIME Finance“), had its official launch in The Hague last month. Its aim is to provide a bespoke forum for the resolution of complex financial … Continue reading

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Filed under Europe, Finance, New York Convention

Changes to the ICC Arbitration Rules – how will they affect your business?

The ICC’s revised set of Arbitration Rules came into effect on 1 January 2012. The new Rules codify existing practice in several areas, but also add a number of provisions intended to address the growing complexity of today’s disputes, the … Continue reading

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Filed under Europe, Institutions

Court of Appeal affirms West Tankers pro-arbitration decision endorsing an arbitral award in the face of a possible inconsistent Italian judgment

On 24 January 2012, the Court of Appeal handed down its keenly awaited decision in West Tankers Inc v Allianz SPA & Generali Assicurazione Generali SPA [2012] EWCA Civ 27. It has upheld Field J’s decision at first instance in … Continue reading

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Filed under Awards, Enforcement, Europe