Reuters is reporting that Ecuador has paid Chevron the $96 million awarded in a treaty arbitration ($112 million with interest). I’ve written several posts about this award and its aftermath. You may want to review my post on the DC Circuit’s decision affirming confirmation of the award and my post on the Hoge Raad’s decision rejecting Ecuador’s challenge to the award. Continue reading Lago Agrio: Ecuador Pays Arbitral Award→
During the proceedings, the CCJA had ordered the parties to pay certain arbitration costs in advance. The tribunal asked the CCJA, which was administering the arbitration, to increase the arbitrators’ fees. The CCJA seemed to encourage or at least countenance this request, and the parties indicated they had no objection. But later, the CCJA rejected the tribunal’s effort to increase the fees, citing its prior precedents. Nevertheless, the tribunal’s award included a demand for € 450,000 in arbitrators’ fees, contrary to the CCJA’s decision. “And somehow, the tribunal eventually collected half of the increased arbitrators’ fees from Getma,” the prevailing party.
Guinea sought to annul the award in proceedings before the CCJA, and the CCJA granted its petition on the ground sthat the tribunal had violated the CCJA rules by increasing its fees, which only the CCJA had the authority to do. Getma sought confirmation of the now-annulled award in Washington. Continue reading Case of the Day: Getma v. Guinea→