Arbitral Digest

Matter

Fireman's Fund Insurance Company v. United Mexican States (ICSID Case No. ARB(AF)/02/1)

Case no.
ARB(AF)/02/1
Applicable rules
ICSID Additional Facility Arbitration Rules
  1. 17 July 2003Arbitration

    17 July 2003Arbitration

    Decision on the Preliminary Question

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal held that the claims under Articles 1102, 1105, and 1405 of the North American Free Trade Agreement were outside its competence, while claims under Article 1110 were within its competence. It reserved the decision on the costs of this phase and directed that further conduct be determined after consultation with the parties.

    Supporting details

    5 authorities · 10 participants
    Fireman's Fund Insurance Company
    Representative
    Daniel M. Price (For: Fireman's Fund Insurance Company)
    Representative
    Stanimir Alexandrov (For: Fireman's Fund Insurance Company)
    Representative
    Raymundo E. Enriquez (For: Fireman's Fund Insurance Company)
    United Mexican States
    Representative
    Hugo Perezcano Diaz (For: United Mexican States)
    International Centre for Settlement of Investment Disputes
    Tribunal secretary
    Claudia Frutos-Peterson

    Authorities cited

    5
    • North American Free Trade Agreement (NAFTA)
      treaty
    • Vienna Convention on the Law of Treaties, 1969
      treaty
    • Mexican Law for the Regulation of Financial Groups (Ley para Regular las Agrupaciones Financieras, 1990)
      statute
    • Mexican Act of Credit Institutions (Ley de Instituciones de Credito)
      statute
    • Mexican Law of the National Banking and Securities Commission (Ley de la Comision Nacional Bancaria y de Valores, 1995)
      statute

    3 years later · 1096 days

  2. 17 July 2006Arbitration

    17 July 2006Arbitration

    Award

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal rejected Fireman's Fund Insurance Company's claim that Mexico violated Article 1110 of the North American Free Trade Agreement by expropriating its investment in dollar-denominated debentures issued by Grupo Financiero BanCrecer, and rejected the claim for compensation. Each party was to bear its own costs, the parties were to share the Tribunal's costs equally, and they were ordered to attempt within 30 days to agree on any redactions required by Procedural Orders Nos. 3 and 5.

    Supporting details

    13 authorities · 17 participants
    Fireman's Fund Insurance Company
    Representative
    Daniel M. Price (For: Fireman's Fund Insurance Company)
    Representative
    Stanimir Alexandrov (For: Fireman's Fund Insurance Company)
    Representative
    Raymundo E. Enriquez (For: Fireman's Fund Insurance Company)
    Representative
    Stephen M. Schwebel (For: Fireman's Fund Insurance Company)
    United Mexican States
    Representative
    Hugo Perezcano Diaz (For: United Mexican States)
    Government of Canada
    Government of the United States of America
    International Centre for Settlement of Investment Disputes
    Tribunal secretary
    Claudia Frutos-Peterson
    Other

    Authorities cited

    13
    • North American Free Trade Agreement (NAFTA)
      treaty
    • Vienna Convention on the Law of Treaties, 1969
      treaty
    • Saluka Investments BV v. The Czech Republic (Partial Award, 17 March 2006)
      case-law
    • International Thunderbird Gaming Corp. v. United Mexican States (Final Award, 26 January 2006)
      case-law
    • Mondev International Ltd. v. United States (ICSID Case No. ARB(AF)/99/2, Award, 11 October 2002)
      case-law
    • Methanex Corp. v. United States of America (Final Award, 3 August 2005)
      case-law
    • Tippets, Abbett, McCarthy, Stratton v. TAMS-AFFA Consulting Engineers of Iran (Award No. 141-7-2, 1984)
      case-law
    • Libyan American Oil Co. v. The Government of the Libyan Arab Republic (Award, 12 April 1977, 20 I.L.M. 1 (1981))
      case-law
    • Schering Corp. v. The Islamic Republic of Iran (Award No. 122-38-3, 13 April 1984)
      case-law
    • Middle East Cement Shipping and Handling Co. S.A. v. Arab Republic of Egypt (ICSID Case No. ARB/99/6, Award, 12 April 2002)
      case-law
    • Financial Market Liberalization (Olin L. Wethington, Financial Market Liberalization, section 5.07 (1994))
      academic
    • Draft Articles on Responsibility of States for Internationally Wrongful Acts (International Law Commission Draft Articles, 2001)
      academic
    • Mexican Law for the Protection of Bank Savings (Ley de Proteccion al Ahorro Bancario, 1998)
      statute

Matter record

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Fireman's Fund Insurance Company v. United Mexican States (ICSID Case No. ARB(AF)/02/1) · Matter