Plaintiffs InfraRed Environmental Infrastructure GP Limited, European Investments (Morón) 1 Limited, European Investments (Morón) 2 Limited, European Investments (Olivenza) 1 Limited, and European Investments (Olivenza) 2 Limited bring this action to enforce an arbitral award issued to them by the International Centre for Settlement of Investment Disputes ("ICSID") against the Kingdom of Spain ("Spain"). Spain moves to dismiss the action on several grounds or, in the alternative, to stay the proceedings until its application to annul the arbitral award is resolved by the ICSID ad hoc Annulment Committee currently reviewing the award's validity.
The European Commission ("EC") filed a brief as amicus curiae on behalf of the European Union ("EU") in support of Spain, claiming that EU law precludes ICSID jurisdiction over the dispute and thereby invalidates the ICSID award. Meanwhile, plaintiffs move for summary judgment, insisting that there is no dispute over the authenticity and enforceability of their ICSID award and that no further stay is warranted.
Thickly tangled legal issues beset resolution of this matter--including an apparent conflict between recent EU law and multiple treaty regimes, which no U.S. court has yet resolved. Before addressing the merits of the parties' dispute, this Court will join the consensus of other judges in this District to face similar claims and stay the proceedings until the ICSID Annulment Committee has made its final determination.