Industry: Financial services

US multinational 3M is pursuing an arbitration in London against AIG, accusing the insurer of wrongfully refusing to indemnify it for part of a US$6 billion settlement to end product liability litigation over its combat earplugs.

28 November 2024

A UK court has agreed to consider Barclays’ challenge to the jurisdiction of a sole arbitrator hearing an LCIA claim worth US$150 million brought by a Russian state-owned development bank – a dispute the British bank says must be heard in the English courts.

26 November 2024

An affiliate of New York private equity firm Tenor Capital says it has attached Uruguay’s assets in Luxembourg as it seeks to execute a US$61.1 million ICSID award it won over the collapse of the state’s flag carrier airline.

19 November 2024

Two groups of investors affected by the rescue of Credit Suisse have formally notified Switzerland of potential investment treaty claims – as another group preparing a claim finalises a third-party funding deal. 

31 October 2024

A panel at the Seoul ADR Festival discussed arbitrations involving investment funds – including the risk of fragmentation in intra-fund disputes and jurisdictional issues that may arise in investment treaty claims. 

30 October 2024

The Singapore Court of Appeal has upheld the enforcement of interim measures issued by a DIAC tribunal under an arbitration clause specifying the now-defunct DIFC-LCIA, finding that the respondent had submitted to the tribunal’s jurisdiction for the purposes of the interim relief application. 

23 October 2024

A Russian court has ordered Deutsche Bank to discontinue an ICC claim against a Gazprom venture over stalled work on a gas processing plant, despite the UK Supreme Court ruling that the dispute belonged in arbitration.

22 October 2024

In the first case before the DIFC Courts to consider the abolition of the DIFC-LCIA Arbitration Centre, a judge has continued an injunction restraining litigation filed in Sharjah in breach of an agreement to arbitrate at the defunct institution. Lawyers at Stephenson Harwood in Dubai, who acted for the successful claimant, report.

08 October 2024

Kuwaiti logistics group Agility says it has won an ICC award worth over US$1.17 billion in another arbitration against Iraqi mobile operator Korek Telecom.

16 September 2024

UPDATED WITH COUNSEL. An HKIAC tribunal has ordered the operator of an airport in southern China to pay US$38 million to a Chinese private equity fund over an aborted share sale – a case where the claimant initially sought almost US$900 million in damages. 

08 July 2024