Arbitral Digest

Matter

Theodoros Adamakopoulos and others v. Republic of Cyprus (ICSID Case No. ARB/15/49)

ICSID investment arbitration concerning Cyprus bank-resolution measures, bail-in losses, jurisdiction and the admissibility of a mass claim.

Investor-state arbitration

Case no.: ARB/15/49
Applicable rules: ICSID Arbitration Rules in force as of April 2006

7 February 2020Arbitration
7 February 2020Arbitration
Decision on Jurisdiction
International Centre for Settlement of Investment Disputes
Decision summary
By majority, the Tribunal decided that it had jurisdiction and that the Claimants' mass claim was admissible; invited submissions on bifurcation and an application for security for costs; fixed the claimant pool at 956 Claimants; and reserved its decision on costs. Arbitrator Marcelo G. Kohen issued a Statement of Dissent.
Participants
Theodoros Adamakopoulos
Republic of Cyprus
International Centre for Settlement of Investment Disputes
Arbitrator
Donald M. McRae
Arbitrator
Alejandro Escobar
Arbitrator
Marcelo G. Kohen
Tribunal secretary
Martina Polasek
Authorities cited
6
- Convention on the Settlement of Investment Disputes between States and Nationals of other States
  treaty
- Agreement between the Government of the Hellenic Republic and the Government of the Republic of Cyprus for the Reciprocal Encouragement and Protection of Investments
  treaty
- Agreement between the Republic of Cyprus and the Belgo-Luxemburg Economic Union on the Reciprocal Promotion and Protection of Investment
  treaty
- Treaty on the Functioning of the European Union
  treaty
- Treaty on European Union
  treaty
- Vienna Convention on the Law of Treaties
  treaty
Source