Mass Arbitrations Are Here, But Jury's Out On Practicality
Law360 (February 13, 2020, 9:55 PM EST) -- An international tribunal's decision greenlighting a mass arbitration claim against Cyprus brought by nearly 1,000 Greek bondholders opens a new avenue for smaller investors to recover damages after a sovereign debt crisis, but whether that path is worth pursuing remains to be seen.
A tribunal of the International Centre for Settlement of Investment Disputes concluded Feb. 7 that the investors' claims, which relate to hundreds of millions of euros in losses following Cyprus' 2013 financial crisis, could proceed to the merits.
This isn't the first time the ICSID has allowed mass claims to move forward: Tribunals had done so in cases involving Argentine bondholders in 2011, 2013 and...
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