Arbitral Digest

Matter

Judgment of the Court of Cassation, First Civil Chamber, in case U 24-16.719 dated 21 January 2026

  1. 21 January 2026France

    21 January 2026France

    Judgment of the Court of Cassation, First Civil Chamber, in case U 24-16.719 dated 21 January 2026

    Court of Cassation, First Civil Chamber

    Decision summary
    The Court of Cassation rejected Telecom Italia SpA and Telecom Italia Finance's appeal and upheld the annulment of the arbitral award. It held that recurring professional and economic links between Vivendi, an interested third party, and the arbitral president's law firm objectively created reasonable doubt about the president's independence. The appellants were ordered to pay the costs and €5,000 to the opposing parties under Article 700 of the French Code of Civil Procedure.

    Supporting details

    4 authorities · 22 participants
    Telecom Italia SpA
    Representative
    SARL Ortscheidt (For: Telecom Italia SpA · Telecom Italia Finance)
    Telecom Italia Finance
    Representative
    SARL Ortscheidt (For: Telecom Italia SpA · Telecom Italia Finance)
    Opportunity Fund
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    Opportunity Asset Management Inc
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    Opportunity Equity Partners Ltd
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    Opportunity Asset Management Ltda
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    Opportunity HDF Administradora de Recursos Ltda
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    Prime Investment Services LLC
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    Opportunity Asset Administradora de Recursos de Terceiros Ltda
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    Opportunity Gestora de Recursos Ltda
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    Opportunity Logica Rio Consultoria e Participaçoes Ltda
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    Opportunity Equity Partners Administradora de Recursos Ltda
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    OPP I Fundo de Investimento EM Açoes
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    Luxor Fundo de Investimento Multimercado
    International Market Investments NV
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    M. [M] [P]
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    M. [V] [T]
    Representative
    SCP Alain Bénabent (For: Opportunity Fund · Opportunity Asset Management Inc · Opportunity Equity Partners Ltd · Opportunity Asset Management Ltda · Opportunity HDF Administradora de Recursos Ltda · Prime Investment Services LLC · Opportunity Asset Administradora de Recursos de Terceiros Ltda · Opportunity Gestora de Recursos Ltda · Opportunity Logica Rio Consultoria e Participaçoes Ltda · Opportunity Equity Partners Administradora de Recursos Ltda · OPP I Fundo de Investimento EM Açoes · Luxor Fundo de Investissement Multimercado · International Market Investments NV · M. [M] [P] · M. [V] [T])
    Court of Cassation, First Civil Chamber

    Authorities cited

    4
    • French Code of Civil Procedure, Article 1014(2)
      statute
    • French Code of Civil Procedure, Article 1520(2)
      statute
    • French Code of Civil Procedure, Article 700
      statute
    • French Code of Civil Procedure, Article 450(2)
      statute
  2. Date not availableArbitration

    Date not availableArbitration

    ICC arbitral award challenged before the Paris Court of Appeal

    International Chamber of Commerce (Paris)

    Decision summary
    The Paris Court of Appeal annulled the award for a conflict of interests objectively capable of creating reasonable doubt about the arbitral president's independence. The Court of Cassation rejected Telecom Italia's appeal from that decision.

    Supporting details

    17 participants
    Telecom Italia SpA
    Telecom Italia Finance
    Opportunity Fund
    Opportunity Asset Management Inc
    Opportunity Equity Partners Ltd
    Opportunity Asset Management Ltda
    Opportunity HDF Administradora de Recursos Ltda
    Prime Investment Services LLC
    Opportunity Asset Administradora de Recursos de Terceiros Ltda
    Opportunity Gestora de Recursos Ltda
    Opportunity Logica Rio Consultoria e Participaçoes Ltda
    Opportunity Equity Partners Administradora de Recursos Ltda
    OPP I Fundo de Investimento EM Açoes
    Luxor Fundo de Investimento Multimercado
    International Market Investments NV
    M. [M] [P]
    M. [V] [T]
    International Chamber of Commerce (Paris)

Matter record

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Judgment of the Court of Cassation, First Civil Chamber, in case U 24-16.719 dated 21 January 2026 · Matter