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Cases & Deals

February 21, 2023

$3 billion investment claim revived before the Paris Court of Appeal

On 21 February 2023, the Paris Court of Appeal annulled an UNCITRAL award issued in 2020 in favor of Uruguay by a Paris-seated tribunal, which had refused to hear the claim brought under the UK-Uruguay bilateral investment treaty. The Paris Court set aside the award in its entirety, holding that the tribunal imposed a temporal condition that was not found in the treaty and therefore erred in its conclusion that it did not have jurisdiction to hear the claim.  The Court also rejected Uruguay’s other jurisdictional arguments.

A King & Spalding team led by Laurent Jaeger, Ken Fleuriet, and Agnes Bizard represented the investors in the French appeal.