The awards, totalling US$280 million, were won by investors National Grid and BG Group. The tribunals held that Argentina failed to accord the investors fair and equitable treatment under the UK-Argentina bilateral investment treaty by enacting laws during its 2001-2002 financial crisis that reduced the value of the investors' interests in the Argentinian utility companies.

In the Republic of Argentina v BG Group PLC, No. 08-485 (D.D.C. Mar. 31, 2010) and the Republic of Argentina v National Grid PLC, No. 09-248 (D.D.C. Mar. 31, 2010), National Grid and BG Group argued that the court should exercise its discretion under Article VI of the New York Convention to order Argentina to post a security because it has a policy of non-payment of awards. They cited, among other cases, Argentina's refusal to pay a US$132.2 million award issued against it in CMS Gas Transmission Company v The Argentine Republic (ICSID Case No ARB/01/8), and many outstanding judgments from US federal courts. Argentina has faced more than 40 international investment treaty claims arising from actions it took during its financial crisis.

The Court is expected to set out the reasons for its decision by 30 May 2010. Argentina will then have two weeks in which to state its intent to post the security, withdraw its petition to set aside the awards, or appeal the decision to the DC Circuit.