News 15 Jun. 2020

Curtis obtains historic annulment for Spain at ICSID

On June 11, 2020, an ICSID ad hoc committee issued a unanimous decision to annul a €128 million award against Spain in its entirety, and ordered claimants Eiser Infrastructure and Energia Solar Luxembourg to pay the full costs of the proceeding, as well as Spain’s legal fees and expenses. This historic ruling marks the first time in ICSID history that an award has been annulled for improper constitution of the tribunal and a serious departure from a fundamental rule of procedure.

The Curtis team representing Spain was led by Ben Preziosi and Gabriela Alvarez-Avila, and also included Ricardo Mier y Teran, Arianna Sanchez and Claudia Frutos-Peterson.

Click here for Global Arbitration Review’s coverage of the annulment.

Click here for Investment Arbitration Reporter’s analysis of the annulment decision.

Click here for Law360's article about the annulment.