Introduction

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 ...