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Articles 1 - 30 of 50
Full-Text Articles in Law
The Impact Of Foreign Investors' Challenges To Domestic Regulations, Mark Maffett, Mario Milone, Weijia Rao
The Impact Of Foreign Investors' Challenges To Domestic Regulations, Mark Maffett, Mario Milone, Weijia Rao
Faculty Scholarship
We examine how foreign investors’ ability to challenge allegedly harmful host-country regulations before an international arbitral tribunal through investor-state dispute settlement (ISDS) affects regulatory policy-making and the value of foreign direct investment. Consistent with widespread deterrent effects on costly domestic regulation, following an ISDS challenge of an industry-level regulation, the equity values of firms in the industry affected by the challenged regulation increase significantly (by approximately 84 basis points in our baseline specification). Domestic firms without ready access to ISDS also experience higher equity values, suggesting that our results are not driven by expectations of future awards of damages. The …
Large Corporations And Investor-State Arbitration, Weijia Rao
Large Corporations And Investor-State Arbitration, Weijia Rao
Faculty Scholarship
Policymakers and scholars have expressed concerns about growing corporate influence over government regulations, including in the context of investor-state dispute settlement (“ISDS”). Encouraged by high profile victories and examples of “regulatory chill,” critics of ISDS have argued that it excessively serves large multinational corporate interests at the expense of government regulatory agendas. In part due to such criticisms, various proposals have been made, including the replacement of ISDS with multilateral investment courts or state-to-state arbitration.
This Article introduces a novel dataset on ISDS claimant characteristics, which reveals that most ISDS claimants are actually small- or medium-sized firms. Using this dataset, …
Swords Into Plowshares: A Pilgrimage For The Css Alabama, William W. Park
Swords Into Plowshares: A Pilgrimage For The Css Alabama, William W. Park
Faculty Scholarship
During the American Civil War, Britain sold ships to the Southern Confederacy in breach of neutrality obligations, triggering a dispute with the United States carrying threats of armed conflict. Some American politicians saw the dispute as an opportunity to annex Canada, then a weak assemblage of British colonies. Ultimately, arbitration in Geneva averted war, opening an era of long Anglo-American cooperation. The historical consequence of this landmark 1872 arbitration remains difficult to overstate. In addition to its diplomatic importance, the case introduced significant procedural precedents for international arbitration, including dissenting options, reasoned awards, party-appointed arbitrators, collegial deliberations, and arbitrators’ declarations …
Federal Rules Of Platform Procedure, Rory Van Loo
Federal Rules Of Platform Procedure, Rory Van Loo
Faculty Scholarship
Tech platforms serve as private courthouses for disputes about speech, lodging, commerce, elections, and reputation. After receiving allegations of defamatory content in top search results, Google must decide between protecting one person's public image and another's profits or speech. Amazon adjudicates disputes between consumers and third-party merchants about defective or counterfeit items. For many small businesses, layoffs and bankruptcy hang in the balance. This Article begins to uncover the processes that these platforms use to resolve disputes and proposes reforms. Other important businesses that intermediate, such as credit card companies ruling on a disputed charge between a merchant and consumer, …
Don’T Bring An Army To An Arbitration (England, 1411), David J. Seipp
Don’T Bring An Army To An Arbitration (England, 1411), David J. Seipp
Faculty Scholarship
The name of our friend Derek Roebuck will always be linked to the long history of arbitration and mediation which he has chronicled so thoroughly in a dozen volumes by my count and many articles and chapters. On a spectrum of dispute resolution methods from formal courtroom litigation to savage brute force, arbitration stands at an interesting intermediate point. In tribute to Derek’s memory, I offer this glimpse of a curious episode at the intersection of due process of law, armed violence and principled arbitration. It reminds us that these three alternatives were not always as widely differentiated as we …
The Transient And The Permanent In Arbitration, William W. Park
The Transient And The Permanent In Arbitration, William W. Park
Faculty Scholarship
Several years ago, Jan Paulsson observed that Derek Roebuck might substitute for a time machine, providing a way for us to voyage backward with a guide to put everything in context. Indeed, the great Derek Roebuck, to whom we dedicate this set of essays, gave much of his professional life to making sure that by receiving a glimpse of dispute resolution in earlier times, we might have an opportunity better to understand the reality of present-day arbitration.
Third Party Funding Of Investment Arbitration, Maya Steinitz
Third Party Funding Of Investment Arbitration, Maya Steinitz
Faculty Scholarship
This Essay discusses Third-Party Funding in Investment Arbitration. It describes the rise of third-party funding of investment arbitration; the debate over the definition of litigation/arbitration finance; the forms arbitration finance takes; the normative debate in favor and against third-party funding of investment arbitration; the effects of arbitration funding on the arbitral process; developments in national, international, and soft law governing investment arbitration funding; and the likely effects of third-party funding on the international bar.
Global Laboratories Of Third-Party Funding Regulation, Victoria Sahani
Global Laboratories Of Third-Party Funding Regulation, Victoria Sahani
Faculty Scholarship
Third-party funding, also known as "dispute finance," is a controversial, dynamic, and evolving arrangement whereby an outside entity ("the funder") finances the legal representation of a party involved in litigation or arbitration, whether domestically or internationally, on a non-recourse basis, meaning that the funder is not entitled to receive any money from the funded party if the case is unsuccessful.' It has been documented in more than sixty countries on six continents worldwide-including in many of the jurisdictions highlighted in this symposium that are experimenting with other aspects of international commercial dispute resolution. Indeed, funding greases the wheels of this …
Tax And Arbitration, William W. Park
Tax And Arbitration, William W. Park
Faculty Scholarship
When fiscal measures intertwine arbitration, undue mystification sometimes follows. To enhance analytic clarity, tax-related arbitration might be divided into three parts. The first derives from ordinary commercial disputes that become laced with incidental tax questions. A corporate acquisition, for example, might carry tax consequences which in turn implicate contract claims or defences presented to an arbitral tribunal for resolution. The second genre of tax-related arbitration arises in respect of cross-border investment disputes. Rightly or wrongly, foreign investors often perceive host-country fiscal enactments as discriminatory, unfair, or tantamount to expropriation, thus violating international commitments. Finally, arbitration comes into play under income …
Johnny Veeder Qc 1948–2020, William W. Park
Johnny Veeder Qc 1948–2020, William W. Park
Faculty Scholarship
Thirty-six years ago, with a handful of arbitration aficionados, Johnny Veeder founded Arbitration International, later providing yeoman service as the journal’s second General Editor. He pushed the journal to aim at delivery of high-quality scholarship in the English language, on a broad spectrum of topics related to resolution of cross-border disputes, both public and private.
A Hardy Case Makes Bad Law, Victoria Sahani
A Hardy Case Makes Bad Law, Victoria Sahani
Faculty Scholarship
This Article is the first ever to analyze a direct clash between the inherent power of US courts regarding the enforcement ofjudgments and the obligations of the United States as one of the 163 member countries of the 1965 Convention on the Settlement of Investment Disputes between States and Nationals of Other States, commonly known as the "ICSID Convention. " The ICSID Convention includes a self-enforcement mechanism whereby the courts of the member countries are obligated to enforce the pecuniary obligations in multimillion (and sometimes over one billion) dollar ICSID arbitration awards as though they were court judgments of the …
Retour Sur L’Affaire De L’Alabama: De L’Utilité Et De L’Histoire Pour L'Arbitrage International, William W. Park, Bruno De Fumichon
Retour Sur L’Affaire De L’Alabama: De L’Utilité Et De L’Histoire Pour L'Arbitrage International, William W. Park, Bruno De Fumichon
Faculty Scholarship
For any aficionado of international law and international arbitration, the 1872 Alabama case represents a rich historical landmark, as promising a mine as the wreck of the Confederate Ship Alabama itself, sunk off Cherbourg, in 1864, by the United States Ship Kearsarge. This arbitration represents a turning point in relations between the United States and Great Britain, from repeated conflict to a “Special Relationship” that has grown stronger during the past century and a half. The case also marked the revival of international arbitration, after centuries of uncertainty. Not least, the case introduced long-lasting procedural innovations: the neutral collegial tribunal, …
Unity And Diversity In International Law, William W. Park
Unity And Diversity In International Law, William W. Park
Faculty Scholarship
The primordial Greek sea-god Proteus could alter his shape at will, notwithstanding that his divine substance remained the same. Reinventing himself by adapting to new circumstances, Proteus still stayed unchanged in essence.
Unlike the sea-god’s protean nature, the substance of international law may well undergo alterations when examined through the telescope of legal culture, or with predispositions of divergent educational backgrounds. For the thoughtful reader, scholarly speculation on such variations will be triggered by reading Is International Law International?. In that book, Professor Anthea Roberts explores a variety of elements in the teaching and practice of international law, viewed …
A Conversation With Professor William W. (Rusty) Park, William W. Park
A Conversation With Professor William W. (Rusty) Park, William W. Park
Faculty Scholarship
ABBY COHEN SMUTNY*: The ITA’s Academic Council has an interesting and very useful project, which is called Preserving Perspectives. It is a project to interview leading arbitrators regarding the development and evolution of international arbitration. This has led to a series of wonderful videos that are posted on ITA’s website. These videos are a tremendously rich resource and I encourage you to check them out on ITA’s website.
I’m now delighted to introduce to you the next interview in this important series. Professor and member of our academic council Catherine Rogers will be interviewing Professor Rusty Park, and …
Adr And Access To Justice: Current Perspectives, Rory Van Loo, Ellen E. Deason, Michael Z. Green, Donna Shestowsky, Ellen Waldman
Adr And Access To Justice: Current Perspectives, Rory Van Loo, Ellen E. Deason, Michael Z. Green, Donna Shestowsky, Ellen Waldman
Faculty Scholarship
Access to justice is a broad topic, and we cannot cover everything. You will notice a few major omissions. Most notably, we are not going to emphasize consumer pre-dispute arbitration agreements. This is not because they are not important, but because much has been written and said on this topic, and it could easily swallow the whole discussion. Also, we are probably not going to say very much about restorative justice, and I am sure you will notice some other holes. We invite you to raise missing issues in your comments.
Let me start with a few opening remarks. We …
Third-Party Funding In International Arbitration, Victoria Sahani
Third-Party Funding In International Arbitration, Victoria Sahani
Shorter Faculty Works
Third-party funding, also known as litigation funding, is a financing method in which an entity that is not a party to a particular dispute funds another party’s legal fees or pays an order, award, or judgment rendered against that party, or both. Third-party funding is a growing phenomenon that is becoming more mainstream in both the litigation and the international arbitration communities. The leading jurisdictions worldwide — in terms of volume and sophistication of third-party funding arrangements — are Australia, the U.K., the U.S. and Germany. In the past, third-party funding was a smaller niche market, but in recent years, …
Arbitration And Fine Dining: Two Faces Of Efficiency, William W. Park
Arbitration And Fine Dining: Two Faces Of Efficiency, William W. Park
Faculty Scholarship
A restaurant meal might turn into disappointment either when good food arrives late, or when prompt service delivers bad food. The chef cannot become preoccupied with any one aspect of fine dining to the exclusion of others. Likewise, arbitral proceedings implicate proportionality and balance among a multitude of factors which can make the experience good or bad. Several elements play key roles in evaluating any arbitration, namely: accuracy, fairness, cost, speed, and award enforceability. An inevitable tension exists among these goals. Decisions reached quickly and cheaply will do few favors if the award gets it wrong on the substantive merits. …
Soft Law And Transnational Standards In Arbitration: The Challenge Of Res Judicata, William W. Park
Soft Law And Transnational Standards In Arbitration: The Challenge Of Res Judicata, William W. Park
Faculty Scholarship
In international proceedings, a transnational “soft law” often finds expression in rules, guidelines and canons of professional associations which serve to supplement the “hard law” of national statutes and court decisions. Memorializing the experience of those who sit as arbitrators or serve as counsel, such standards contain a degree of circularity, in that relevant norms both derive from and apply to cross-border arbitration. Neither the nature nor the limits of “soft law” always present themselves with clarity. Often the litigants’ agreement fails to provide standards on controverted questions whose answers fall beyond common practice. In such instances, the integrity of …
Reshaping Third-Party Funding, Victoria Sahani
Reshaping Third-Party Funding, Victoria Sahani
Faculty Scholarship
Third-party funding is a controversial business arrangement whereby an outside entity—called a third-party funder—finances the legal representation of a party involved in litigation or arbitration or finances a law firm’s portfolio of cases in return for a profit. Attorney ethics regulations and other laws permit nonlawyers to become partial owners of law firms in the District of Columbia, England and Wales, Scotland, Australia, two provinces in Canada, Germany, the Netherlands, New Zealand, and other jurisdictions around the world. Recently, a U.S.-based third-party funder that is publicly traded in England started its own law firm in England. In addition, some U.S. …
Equality Of Arms In Arbitration: Cost And Benefits, William W. Park
Equality Of Arms In Arbitration: Cost And Benefits, William W. Park
Faculty Scholarship
Depending on context and content, a regulatory framework can either help or hinder efforts to enhance aggregate social and economic welfare. Lively debate has arisen with respect to the net effects of two recent sets of directives for lawyer comportment in cross-border arbitration, the first being Guidelines adopted by the International Bar Association, the second contained in new arbitration rules promulgated by the London Court of International Arbitration. Each instrument aims to promote a more level playing field on matters where legal cultures differ, such as document production and counsel independence. Each has caused thoughtful commentators to question the need …
Michael Mustill: A Reminiscence, William W. Park
Michael Mustill: A Reminiscence, William W. Park
Faculty Scholarship
The arbitration world lost a giant when Michael Mustill departed in April of this year, just a few days short of his 84th birthday. A man of enormous intellect and wit, with a fine capacity for sincere friendship, this generous Yorkshireman enriched us through contributions as counsel, judge, scholar, and mentor.
Lord Mustill And The Channel Tunnel Case, William W. Park
Lord Mustill And The Channel Tunnel Case, William W. Park
Faculty Scholarship
Over two decades ago, in the now legendary Channel Tunnel Case, the British House of Lords (as it then was) was asked to provide judicial support for the efficient completion of a monumental construction project. The decision in that matter, penned by the late Lord Mustill, illustrates the delicate interplay between the dynamics of otherwise applicable law and the bespoke arbitration framework chosen by sophisticated parties to govern their dispute.
The Health Of International Arbitration: Counterpoise And Common Sense, William W. Park
The Health Of International Arbitration: Counterpoise And Common Sense, William W. Park
Shorter Faculty Works
No abstract provided.
Harmonizing Third-Party Litigation Funding Regulation, Victoria Sahani
Harmonizing Third-Party Litigation Funding Regulation, Victoria Sahani
Faculty Scholarship
Third-party litigation funding is no longer a new phenomenon, but rather is a mainstay in global commerce and dispute resolution. Yet many observers still consider the third-party litigation funding industry as a “wild west” due to a lack of regulation in many countries. Some of the countries that have regulations suffer from a lack of uniformity and an array of conflicting laws at the sub-national level (i.e., the laws of states, provinces, territories, etc.). For example, the United States has a confusing patchwork of state laws on third-party litigation funding. This Article proposes harmonizing the regulatory framework for third-party litigation …
Dreptul Arbitral, Explicat, William W. Park
The Predictability Paradox: Arbitrators And Applicable Law, William W. Park
The Predictability Paradox: Arbitrators And Applicable Law, William W. Park
Faculty Scholarship
In resolution of international contract disputes, arbitrators may sometimes show greater fidelity than courts to the parties’ intentions and established rule of a chosen law, foregoing any policy-making function similar to that sometimes asserted by common law judges. In adjusting international contracts, arbitrators face special tensions in their search for counterpoise between rival notions of predictability, often expressed in imprecise terms like “commercial reality” or “strict letter of the law” which like the humble chameleon take different colors depending on the backdrop.
Arbitration's Discontents: Between The Pernicious And The Precarious, William W. Park
Arbitration's Discontents: Between The Pernicious And The Precarious, William W. Park
Faculty Scholarship
Arbitration has become a victim of its own success, as its wider use has triggered a flood of doubt, disapproval and denunciation. In consequence, higher visibility for arbitral proceedings and awards has led to increased criticism, both just and unjust, with respect to arbitrator independence and impartiality. A robust dispute resolution process requires balance between fairness and efficiency, keeping arbitrators free from taint while at the same time reducing the prospect of dilatory tactics aimed at sabotaging proceedings. If litigants hope to have their disputes resolved by intelligent and experienced individuals, criteria for arbitrator impartiality and independence will need to …
The Cohasset Marshlands Dispute: International Arbitration In Colonial New England, William W. Park
The Cohasset Marshlands Dispute: International Arbitration In Colonial New England, William W. Park
Faculty Scholarship
One of the earliest international arbitrations in the Americas arose from rival claims to hayfields contested between two groups of religious dissidents. The dispute resolution process which unfolded in 1640 between the Massachusetts and Plymouth colonies takes special significance as an epochal step toward the robust cross-border cooperation that ultimately united thirteen disparate colonies into a single nation.
A Fair Fight: Professional Guidelines In International Arbitration, William W. Park
A Fair Fight: Professional Guidelines In International Arbitration, William W. Park
Faculty Scholarship
Depending on context and content, a regulatory framework can either help or hinder efforts to enhance aggregate social and economic welfare. Lively debate has arisen with respect to the net effects of two recent sets of directives for lawyer comportment in cross-border arbitration: the guidelines adopted by the International Bar Association and the new arbitration rules promulgated by the London Court of International Arbitration. Each instrument aims to promote a more level playing field on matters where legal cultures differ, such as document production and counsel independence. Each has caused thoughtful commentators to question the need and the merits of …
Recent Developments In Third-Party Funding, Victoria Sahani
Recent Developments In Third-Party Funding, Victoria Sahani
Faculty Scholarship
This article addresses recent developments in third-party funding that occurred during late 2012 and early 2013 in the three leading jurisdictions: Australia, the United Kingdom and the United States. The most important developments are the following. On 22 April 2013, the Australian Securities and Investment Commission (ASIC) issued regulatory guidelines clarifying the status of funders with respect to ASIC’s regulations and detailing how funders should manage conflicts of interest and handle certain provisions of their funding arrangements. In the United Kingdom, the Jackson Reforms took effect on 1 April 2013, bringing sweeping changes to the allowable fee agreements, discovery rules …