Topic: Damages

UK court remits damages after LCIA panel refuses to fix error

The Commercial Court in London has ordered an LCIA tribunal to reconsider an award in a dispute between two Russian businessmen after it refused to correct a “computational error” that resulted in US$58 million in damages being awarded, rather than US$4 million.

11 December 2020

Queen Mary and PwC unveil study on damages in ICC arbitration

Queen Mary University of London and PricewaterhouseCoopers have unveiled a new study of damages in ICC arbitral awards, shedding light on how tribunals calculate them and the impact of submissions from the disputing parties and expert witnesses.

10 December 2020

Panel told to rethink damages in Kazakh mining dispute

The Commercial Court in London has set aside the quantum findings in a US$50 million investment treaty award in favour of a Canadian mining company against Kazakhstan after ruling that the state was not given a fair opportunity to address damages.

24 November 2020

Kahale on the “new age of the megacase”

In a keynote speech in Prague, Curtis Mallet-Prevost Colt & Mosle chairman George Kahale III argued that investor-state dispute settlement is a deeply flawed system that should be dismantled completely or rebuilt from scratch – with a focus on deficiencies in how tribunals deal with quantum in the “new age of the megacase”. Jaroslav Kudrna and Anna Bilanová of the Czech Ministry of Finance report.

08 November 2018

US$9 billion Nigeria award triggers quantum discussion at GAR Live

A panel at this year’s GAR Live Energy Disputes in London questioned the quality of damages awards in recent high-value arbitrations, including a US$9 billion award against Nigeria – before being surprised to find that counsel to the claimant in that case was in the audience.

05 October 2018

Do better on damages, urges Donovan

It is not enough to be a fine legal analyst – counsel and arbitrators need to master economics, corporate finance and accounting to a “much more than basic” level and be able to disentangle legal and financial issues, ICCA president Donald Donovan has argued in a speech on damages in Seoul.

06 December 2017

Not so "rare": the valuation method behind the Tethyan challenge

Ronnie Barnes, an expert witness at Cornerstone Research in London, explains that a supposedly "rare" valuation method at issue in a recent challenge to an ICSID arbitrator is in fact a well-established methodology routinely used in business valuations for certain industries in certain circumstances.

06 September 2017

Pakistan challenges arbitrator over valuation method

As a multibillion-dollar ICSID claim over mining rights moves to the damages phase, Pakistan has applied to disqualify Bulgarian arbitrator Stanimir Alexandrov from hearing the case on the grounds that the claimants are relying on a rare valuation method that is also at issue in another case in which he is acting as counsel.

12 July 2017

The claim/award mismatch – GAR Live Energy considers the reasons

Speakers at GAR Live Energy explored why claimants in investment treaty cases often receive damages that fall far below the amount claimed and the extent to which experts and tribunals are responsible.

21 June 2017

Argentina claims fall short at ICSID

*UPDATED* Two ICSID cases filed against Argentina a decade ago have come to an end, with a German company seeing the bulk of its US$157 million claim dismissed in one case, as the state escapes damages entirely in another claim by two Spanish water companies.

16 January 2017

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