Topic: Achmea

New treaty spells end of intra-EU BITs

Two years after the Achmea ruling, a majority of EU member states have signed an agreement to terminate their intra-EU bilateral investment treaties, in what has been called the end of an era for investor-state arbitration in Europe.

06 May 2020

EU states sign treaty to cancel intra-EU BITs

BREAKING: A majority of EU member states have signed an agreement for the termination of intra-EU bilateral investment treaties.

06 May 2020

Hungary challenges intra-EU farming award

Hungary has applied to annul a €7 million intra-EU investment treaty award issued by an ICSID panel in favour of a UK farming company – which has recently launched enforcement proceedings in the US.

26 March 2020

Hungary fails to reopen intra-EU BIT awards

Hungary has failed to persuade ICSID panels to annul or revise a pair of intra-EU BIT awards in favour of European investors in light of the Achmea ruling.

18 March 2020

Swedish court consults ECJ over Poland award

The Supreme Court of Sweden has requested a preliminary ruling from the European Court of Justice on whether the Achmea ruling requires it to set aside two intra-EU BIT awards against Poland – even where the state was found to have consented to the arbitration through its conduct.

26 February 2020

Mass intra-EU claim against Cyprus to proceed

An ICSID tribunal has upheld jurisdiction over a claim by 956 Greek investors against Cyprus to recover €300 million in bonds and bank deposits that were confiscated as part of the state’s financial bailout by European institutions.

10 February 2020

Hungary ordered to pay damages in intra-EU claim

An ICSID tribunal has upheld its jurisdiction and awarded a UK farming company €7 million in an intra-EU investment treaty claim brought over the expropriation of a plot of land – a dispute which also saw an intervention from former UK Prime Minister David Cameron.

14 November 2019

Mozambique fails in “extra-EU BIT” objection

An ICSID tribunal has rejected an Italian roadbuilder’s claim against Mozambique after dismissing the state’s objection that the Achmea decision precluded it from hearing a dispute under a bilateral investment treaty between an EU member state and a third country.

30 October 2019

US court finds Achmea doesn’t bar enforcement of Micula award

A court in Washington, DC, has confirmed an ICSID award in favour of Sweden’s Micula brothers against Romania, rejecting the state’s arguments that it was rendered invalid by the European Court of Justice‘s ruling on intra-EU investment arbitration in the Achmea case.

12 September 2019

Estonia defeats intra-EU claim over water tariff cap

An ICSID tribunal has dismissed a €65 million intra-EU claim against Estonia concerning a cap on the profits of water utility companies.

24 June 2019

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