Arnold & Porter's International Arbitration team has successfully defended the Republic of Colombia against a $40 million claim in the Astrida Benita Carrizosa v. Republic of Colombia international arbitration, filed under the US-Colombia Trade Promotion Agreement. This marks Arnold & Porter's 39th consecutive positive result on behalf of sovereign States in investment arbitrations.
In the award, issued on April 19, the tribunal at the World Bank-affiliated International Centre for Settlement of Investment Disputes (ICSID) dismissed the case for lack of jurisdiction. The tribunal also ordered the claimant to pay 100% of the arbitration costs and to pay the Republic of Colombia 50% of legal fees and costs incurred in connection with the arbitration.
The Arnold & Porter team featured partners Paolo Di Rosa and Patricio Grané Labat, as well as associates Katelyn Horne, Brian Vaca, and Cristina Arizmendi.