Arnold & Porter’s International Arbitration Team Secures 43rd Consecutive Favorable Result for Sovereign States in Investment Arbitrations
On August 18, 2021, Arnold & Porter's international arbitration team secured its fourth consecutive favorable outcome for the Republic of Panama — and 43rd consecutive favorable outcome for sovereign States overall — in an international investment arbitration at ICSID.
In Enel Fortuna v. Panama, the claimant advanced treaty claims for allegedly unfair and inequitable treatment by regulators, seeking damages in excess of $100 million. The claimant also sought payment of an additional amount of more than $20 million, claiming that the sum was due under a contract.
However, once the Arnold & Porter team filed briefing that previewed Panama's jurisdictional objections, the claimant agreed to withdraw the full universe of its claims in exchange for a discounted payment on the contractual claim. Both parties were also spared the substantial expense of a potentially lengthy arbitration and can carry on in a mutually fruitful joint venture.
The Arnold & Porter team that represented Panama in this case featured partners Whitney Debevoise and Mallory Silberman, as well as associates Caroline Kelly and Brian Vaca.