Compensation quantified in LG&E v Argentina | Practical Law
In its award of October 2006, the ICSID tribunal in LG&E v Argentina determined that Argentina had breached BIT obligations relating to fair and equitable treatment and non-discrimination, as well as the BIT umbrella clause. The breaches arose out of Argentina's dismantling, during the financial crisis in that country, of specific guarantees to investors forming part of the gas regulatory framework. The tribunal determined, however, that for the period of the crisis itself, a defence of necessity applied.