Victory For Chile Marks 38th Consecutive Favorable Result for Sovereign States by Arnold & Porter's International Arbitration Team
Arnold & Porter's International Arbitration team has successfully defended the Republic of Chile against a $354 million claim in the Rios v. Chile ICSID arbitration, filed under the Chile-Colombia Trade Promotion Agreement. This marks the firm's 38th consecutive positive result on behalf of sovereign States in investment arbitrations.
In its January 11, 2021 award, a tribunal at the World Bank-affiliated International Centre for Settlement of Investment Disputes (ICSID) dismissed the claims in their entirety, and in addition awarded reimbursement to Chile of 100% of the costs of the arbitration and 40% of Chile's legal fees. The case involved a dispute concerning the bus public transportation system serving Chile's capital city of Santiago.
Acting on behalf of Chile in investment arbitrations, Arnold & Porter has obtained 4 victories and suffered no defeats. The firm recently won the longest-running arbitration in ICSID history, Victor Pey Casado and President Allende Foundation v. Republic of Chile (ICSID Case No. ARB/98/2), which ended definitively in 2020, after 22 years. The firm also prevailed, last year, in a parallel arbitration involving the same dispute, filed under UNCITRAL Rules and administered by the Permanent Court of Arbitration in The Hague (PCA). Previously, Arnold & Porter also helped Chile obtain full dismissal of the claims in the Sociedad Anónima Eduardo Vieira v. Chile ICSID arbitration.
The Arnold & Porter team featured partners Paolo Di Rosa, Patricio Grané Labat and Gaela Gehring Flores, as well as associates Claudia Taveras, Cristina Arizmendi and Alexander Witt.