Introduction

Many of the claims traditionally presented in investment arbitration center on allegations of unlawful or bad faith conduct attributable to a State. With the steady growth in the number of investment arbitrations, it is natural that focus occasionally turns to the conduct of the claimant investor. As Professor Wälde observed in his separate Opinion in the International Thunderbird Gaming case, while investment protection treaties protect investors' legitimate expectations, such treaties do not protect expectations created by unlawful or abusive means: There ...