International Arbitral Tribunal (ICSID) Approves 'Mass' - Class Action-Like - Claims Approach By Creditors Against Argentina
We have posted on the role of class or other collective actions in international litigation, both in the U.S. and elsewhere. The issue is also pertinent to the question we have also discussed in various contexts: whether class or collective actions are available in the arbitration context.
Comes now an arbitral panel in the International Centre for Settlement of Investment Disputes, or ICSID, and in a 282 page preliminary decision on jurisdiction and admissibility finds that roughly 60,000 Italian bondholders can join together to bring claims against the Republic of Argentina, Abaclat and Others v. Argentina, ICSID Case No. ARB/07/5. The default by...
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