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International Arbitration

The Brattle Group advises clients and provides expert testimony in the context of international arbitrations.

Our experts have testified in all of the major international arbitration forums in disputes covering a wide range of industries. We have been engaged in dozens of investor-state arbitrations, working on behalf of both investors and states, involving assets located in Africa, Australia, Asia, Europe, North America, and South America.

In addition, Brattle has worked on over 100 international commercial arbitrations. Our work has included economic analyses of liability and damages in matters involving expropriation, breach of contract, failed business transactions, auctions, and trade and treaty disputes. Total claims in international arbitrations in which Brattle has been retained exceed $150 billion. Outside of disputes, we regularly provide commercial and regulatory advice to clients on energy and infrastructure projects around the globe.

26
30

We have worked on behalf of 26 of the law firms named in the Global Arbitration Review 30

Brattle provides both industry and academic expertise. Our principals include Professor Stewart Myers of MIT, author of the world’s leading corporate finance textbook and a Brattle founder, and Daniel L. McFadden, Nobel Laureate, Presidential Professor of Health Economics at the University of Southern California, and Professor of the Graduate School at University of California, Berkeley. We also work closely with a broad network of leading academics and industry experts.

Clients value our commitment to quality and independence, and the balance between our work on behalf of claimants and on behalf of respondents reflects our credibility with tribunals.

Forums

We have participated in proceedings in the major international arbitration forums, including:

ICC
International Chamber of Commerce’s International Court of Arbitration
ICSID
International Centre for Settlement of Investment Disputes
LCIA
London Court of International Arbitration
PCA
Permanent Court of Arbitration
IUSCT
Iran-United States Claims Tribunal
SCC
Arbitration Institute of the Stockholm Chamber of Commerce
ICDR
International Centre for Dispute Resolution
GEOGRAPHIES

We have worked on matters involving disputes worldwide, including among parties in more than 50 countries across 6 continents.

NORTH AMERICA
Canada
Costa Rica
Dominican Republic
El Salvador
Guatemala
Mexico
Trinidad and Tobago
United States
SOUTH AMERICA
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
EUROPE
Albania
Belgium
Bulgaria
Croatia
Czech Republic
Denmark
France
Georgia
Germany
Greece
Hungary
Ireland
Italy
Latvia
Lithuania
Montenegro
Norway
Poland
Romania
Russia
Slovakia
Spain
Sweden
Switzerland
The Netherlands
Turkey
Ukraine
United Kingdom
AFRICA-MIDDLE EAST
Bahrain
India
Indonesia
Israel
Morocco
Nigeria
Oman
ASIA
Bangladesh
China
Japan
Pakistan
Singapore
South Korea
AUSTRALIA
Australia
New Zealand
EXPERIENCE

In the course of this work, we have presented expert testimony or evidence before the majority of international arbitrators, including each of the top ten most prominent arbitrators identified by Global Arbitration Review.

  • Karl-Heinz Böckstiegel
  • Charles N Brower
  • James Crawford SC
  • Bernardo Cremades
  • L Yves Fortier QC
  • Gabrielle Kaufmann-Kohler
  • Marc Lalonde QC
  • Francisco Orrego Vicuña
  • Brigitte Stern
  • Albert Jan van den Berg
NEWS

The Brattle Group has been recognized as one of the leading firms in expert witness services in the field of international arbitration by Global Arbitration Review (GAR), a prominent resource on international arbitration news and intelligence.

NEWS

The Arbitration Institute of the Stockholm Chamber of Commerce ruled that Russia’s Gazprom must pay Ukraine’s Naftogaz $2.56 billion, ending two commercial arbitrations that have lasted nearly four years.

Engagements
REPRESENTATIVE ENGAGEMENTS

Below is a list of representative engagements for our International Arbitration practice.

Mining
In Copper Mesa Mining Corporation v. Republic of Ecuador, an investment arbitration under UNCITRAL rules, we provided expert testimony on the quantum of damages arising from the alleged expropriation of a copper mining project in Ecuador. On behalf of Respondent, we explained why the claimed value of the assets was not consistent with market value. We conducted an event study analysis based on the market value of Claimant’s publicly traded stock price, evaluated the applicability of control premiums and liquidity discounts and analyzed the comparability of a group of precedent transactions used as valuation benchmarks by Claimant’s experts. A PCA tribunal denied the Claimant’s market value claim and issued an award based on investment cost.
Electricity
In PSEG Global Inc. and Konya Ilgin Elektrik Üretim ve Ticaret Limited Sirketi v. Republic of Turkey, the Tribunal found that the respondent had breached its obligation to accord the investor fair and equitable treatment in connection with a planned investment in a coal-fired power plant. The claimants sought damages under three different approaches: (1) fair market value (US$ 172 million); (2) loss of profits (US$ 494 million); and (3) the amount invested in the project (US$ 48 million). The Brattle Group analyzed all three of the damages claims and, based on our testimony, the Tribunal awarded damages of only US$ 9 million.
Oil
In the investment arbitration brought by Yukos shareholders against the Russian Federation, Hulley Enterprises Ltd., Yukos Universal Ltd., and Veteran Petroleum Ltd. v. The Russian Federation, Brattle Academic Advisor James Dow was retained as an expert on behalf of the Respondent to evaluate the US$ 114 billion damages claim. Professor Dow explained that this amount was excessive, contained numerous errors, relied upon a flawed methodology, and that it appeared reverse engineered to obtain a desired result. The Tribunal agreed, finding that “Claimants’ expert admitted at the Hearing that his DCF analysis had been influenced by his own pre-determined notions as to what would be an appropriate result.” Based on Professor Dow’s critique, the Tribunal found that “Claimants’ experts were of limited assistance to the Tribunal in its determination of Claimants’ damages,” and rejected the Claimant’s DCF model stating “…the Tribunal was persuaded by Professor Dow’s analysis of Claimants’ DCF model, and is compelled to agree that little weight should be given to it.”
Banking
When the Bank for International Settlements required its minority private shareholders to sell their shares back to the bank, the private shareholders believed the repurchase price was significantly understated and requested an arbitration at the PCA. Working on behalf of claimants in First Eagle Funds, et al. v. Bank for International Settlements, a Brattle expert provided testimony on damages before the PCA Tribunal which resulted in a US$ 500 million award. This award was ranked among the top 10 monetary awards in international arbitration matters during the period from 2000 to 2005.
Infrastructure

In a confidential ICC arbitration, a construction company claimed damages from investment fund that had failed to answer a capital call. The failure frustrated the plans of the construction company to purchase a series of car parks in a European country. Brattle’s experts estimated the resulting damages at around €20 million. The Tribunal awarded the investor 100% of the amounts claimed.

Cement

The assets of Holcim, a global cement producer, were expropriated by the Venezuelan government. The Brattle Group was retained to estimate damages on behalf of the Claimant in Holcim Limited, Holderfin B.V. and Caricement B.V. v. Bolivarian Republic of Venezuela. We analysed the economic drivers of cement demand in Venezuela, the competitive landscape, and the specific performance of the expropriated production and distribution assets. Cement valuations are often quoted in US$ per metric ton. The parties agreed to a settlement of more than twice the value per-metric-ton of settlements achieved by Lafarge and Cemex in parallel arbitrations.

Gas

The Brattle Group’s client Naftogaz, the national oil and gas company of Ukraine, was successful in securing the set-aside of take-or-pay claims in the arbitration over their gas supply contact with Russia’s Gazprom. Naftogaz initiated a dispute regarding the price it was paying for gas to Gazprom and Gazprom counter-claimed in respect of the gas that Naftogaz had been unable to consume but for which it was committed to pay. The result was Naftogaz faced a claim for more than $44 billion in “take-or-pay” penalties. Brattle economists were instrumental in achieving a retrospective reduction in the contract price that amounted to nearly 30% in mid-2014 and having the take-or-pay claim completely dismissed, essentially on competition grounds.

Experts
Principals
Principal Emeritus
Academic Advisor & Other Outside Experts
Graham Davis
Academic Advisor
Colorado School of Mines
View Bio
James Dow
Academic Advisor
London Business School
View Bio
Senior Consultants
Senior Associates
Publications
Report
Facts and Figures – Costs and Duration: 2013-2016
October 03, 2017
Prepared for The London Court of International Arbitration
Article
Damages in Competition/Antitrust Arbitrations
November 22, 2016
Published in Global Arbitration Review’s (GAR) Guide to Damages in International Arbitration
Report
Country Risk and Damages in Investment Arbitration
November 27, 2015
Florin Dorobantu, M. Alexis Maniatis, and Natasha Dupont
Published in the ICSID Review: Foreign Investment Law Journal
Article
A Subject of Interest: Pre-award Interest Rates in International Arbitration
June 01, 2015
Published by The Brattle Group, Inc.
Article
Estimación de Daños Derivados de la Existencia de un Cártel: Análisis de las Sentencias Acor y Ebro Foods
2014
José Antonio García and Dr. Juan Delgado
Published in Spain Arbitration Review, Vol. 20, pp. 53-66
News & Knowledge
May 15, 2018
Brattle and Covington to Relaunch DC Arbitration Club

The Brattle Group and Covington have teamed up to relaunch the DC Arbitration Club, with the first meeting taking place on Tuesday, May 15th at 5:30pm at Brattle’s DC office.

April 16, 2018
Brattle Named a Top International Arbitration Expert Witness Firm by Global Arbitration Review

The Brattle Group has been recognized as one of the leading firms in expert witness services in the field of international arbitration by Global Arbitration Review (GAR), a prominent resource on international arbitration news and intelligence.

April 13, 2018
Dan Harris and Richard Caldwell to Discuss What Makes a Good Expert during Paris Arbitration Week

Brattle Principals Dan Harris and Richard Caldwell will participate in Freshfields Bruckhaus Deringer LLP's (Freshfields) panel discussion, “What Makes a Good Expert,” taking place during Paris Arbitration Week on April 13, 2018.

March 12, 2018
Brattle Client Naftogaz Awarded $2.56 Billion in Arbitration Victory Against Gazprom

The Arbitration Institute of the Stockholm Chamber of Commerce ruled that Russia’s Gazprom must pay Ukraine’s Naftogaz $2.56 billion, ending two commercial arbitrations that have lasted nearly four years.

January 19, 2018
The Brattle Group Introduces Its Newest Experts

The Brattle Group is pleased to introduce the seven exceptional experts who became Brattle principals over the past year.

December 05, 2017
Six Brattle Principals Recognized as Top Expert Witnesses in Arbitration by Who's Who Legal

The Brattle Group is pleased to announce that Principals Richard Caldwell, Darrell Chodorow, Dan Harris, Carlos Lapuerta, Alexis Maniatis, and Stewart Myers have been named among the world’s top arbitration expert witnesses by Who’s Who Legal.

November 30, 2017
Alexis Maniatis to Present at Juris Conferences' 6th Annual Damages in International Arbitration Conference

Brattle President Alexis Maniatis will present during the Juris Conferences’ 6th Annual Damages in International Arbitration Conference – Damages in International Energy Disputes, taking place November 30, 2017 in Houston, TX.

October 03, 2017
Brattle Contributes to LCIA Analysis on Costs and Duration

With support from economists at The Brattle Group, the London Court of International Arbitration (LCIA) has released a new analysis on costs and duration, which will help users determine which institution is best placed to administer a particular case.

June 21, 2017
Regulatory Economist Agustin J. Ros Joins The Brattle Group

The Brattle Group is pleased to announce that regulatory economist Dr. Agustin (Augie) Ros has joined the firm’s Boston, MA office as a principal.

May 07, 2017
Brattle Economists Provide Testimony on Behalf of Solar Investors in Spain Resulting in €128 Million Award

Spain has lost the first of the international arbitration claims under the Energy Charter Treaty, arising from the application to thermal solar investors of certain changes to the Spanish regulatory framework for renewable installations. The International Centre for the Settlement of Investment Disputes (ICSID) has rendered an €128 award in favor of the British-based Eiser Infrastructure Limited and its affiliate Energia Solar Luxembourg S.à r.I., which own three 50 MW thermo-solar power plants in Spain, ASTEXOL-2, ASTE 1A, and ASTE 1B.

February 17, 2017
Alexis Maniatis Elected to ICCA-ASIL Task Force on Damages in International Arbitration

Brattle President Alexis Maniatis was recently elected to serve on the International Council for Commercial Arbitration (ICCA) and American Society of International Law’s (ASIL) Task Force on Damages.

January 13, 2017
Alexis Maniatis to Present at ITA-IEL-ICC Joint Conference on International Energy Arbitration

Brattle President Alexis Maniatis will present at the 4th Annual Institute for Transnational Arbitration (ITA), Institute for Energy Law (IEL), and International Court of Arbitration (ICC) Joint Conference on International Energy Arbitration, taking place January 12-13, 2017 in Houston, TX.

November 22, 2016
Brattle Economists Co-Author Article for Global Arbitration Review on Damages in Competition and Antitrust Arbitrations

Brattle Principals Carlos Lapuerta and Richard Caldwell have co-authored an article published in Global Arbitration Review’s (GAR) Guide to Damages in International Arbitration that addresses issues relevant to the calculation of damages from competition claims.