Region: Luxembourg

Investors seek to revive claims against Serbia and Armenia

A pair of companies have applied to annul an ICSID award that rejected its €300 million treaty claim against Serbia, as an Emirati company and its US CEO also seek to revive an unrelated US$326 million claim against Armenia at the centre.

05 June 2023

Luxembourg reforms arbitration law

Luxembourg’s parliament has passed new legislation to modernise the country’s arbitration law – granting extended powers to tribunals and limiting the grounds for setting aside awards.

05 May 2023

UK fund wins damages in Spain solar case

An ICSID tribunal has ordered Spain to pay almost €25 million plus interest to affiliates of a UK-owned investment fund over reforms to the state’s renewable energy sector.

03 May 2023

US judge grants anti-suit injunctions against Spain

A US judge hearing two actions by solar investors to enforce ICSID awards worth a combined €333 million against Spain has issued injunctions to prevent the state from trying to halt the proceedings through litigation in the Netherlands and Luxembourg.

16 February 2023

Serbia defeats ICSID claim over shopping centre

A split ICSID tribunal has declined to hear a €300 million claim against Serbia over a shopping centre development, finding it was an abuse of process.

01 February 2023

Mining company brings ECT claim against Slovenia

A Luxembourgish coal mining investor has filed a €60 million ICSID claim against Slovenia under the Energy Charter Treaty, just weeks after the state moved to exit the treaty over environmental concerns.

06 December 2022

Benelux centres team up to launch new group

Arbitral bodies in Belgium, the Netherlands and Luxembourg have launched a new group to promote collaboration and boost their visibility, as they explore the possibility of uniform legislation for international arbitrations seated in the Benelux region.

10 October 2022

Perenco secures freeze on Ecuador accounts in Luxembourg

Bahamian oil company Perenco has frozen Luxembourg bank accounts used by Ecuador to make coupon payments associated with sovereign bonds, with the ICSID award holder claiming this raises the possibility of the state defaulting to creditors.

01 August 2022

Luxembourg’s top court blocks Micula award

The Luxembourg Court of Cassation has quashed the enforcement of the Micula brothers’ ICSID award against Romania on the basis that the arbitration clause in the underlying investment treaty was nullified when the state joined the European Union.

18 July 2022

Glassmaker wins ICC award in post-M&A dispute

A Luxembourg-based glassmaker says it has won an US$84 million ICC award against France’s Saint-Gobain relating to a billion-dollar acquisition.

18 July 2022

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