Study of Damages in International Center for the Settlement of Investment Disputes Cases (Credibility International, 1st Edition, June 2014)
Published 23 June 2014
Study of Damages in International Center for the Settlement of Investment Disputes Cases (Credibility International, 1st Edition, June 2014)
Publicly reported damages awarded at ICSID are nearly $4.5 billion. Two awards account for over 59% of the total reported awards to date. Excluding those two awards, the average damages awarded are approximately $34 million, which is about 34% of the average claimed amount.
There have been 280 cases concluded at ICSID, including eleven that were in the process of seeking annulment. We do not know the outcome of approximately 40% of the ICSID cases because they were either settled or the award was not published. However, our study finds that the respondent won in nearly 80% of the reported cases - either through discontinuance, a finding of no jurisdiction, awards of no liability, or awards with liability but less than 20% of the amount claimed being awarded. Conversely, the claimant only won more than 50% of what it claimed in around 12% of the reported cases and received between 20% and 50% of its claim in about 8% of the cases.
The study of the awards also shows interesting insights into the players at ICSID. The study of the players generally shows the most concentration of merit awards by individual arbitrator, as there are a dozen arbitrators with five or more merit awards. By law firm, there are less than 20 firms who have more than two reported cases and just six firms with five or more. The experience of the damages experts is most diluted, as there are only seven who have been reported in more than one case and just five who have been experts in four or more reported damages awards.
Also available at the Credibility International website.