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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.


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.


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

International Chamber of Commerce’s International Court of Arbitration
International Centre for Settlement of Investment Disputes
London Court of International Arbitration
Permanent Court of Arbitration
Iran-United States Claims Tribunal
Arbitration Institute of the Stockholm Chamber of Commerce
International Centre for Dispute Resolution

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

Costa Rica
Dominican Republic
El Salvador
Trinidad and Tobago
United States of America
Czech Republic
The Netherlands
United Kingdom
South Korea
New Zealand
Bouvet Island
British Indian Ocean Territory
British Virgin Islands
Brunei Darussalam
Burkina Faso
Cape Verde
Cayman Islands
Central African Republic
Christmas Island
Cocos (Keeling) Islands
Cook Islands
Cote d'Ivoire
Saint Barthelemy
Saint Helena, Ascension and Tristan de Cunha
Saint Martin (French Part)
Saint Pierre and Miquelon
Saint Vincent and the Grenadines
San Marino
Sao Tome and Principe
Saudi Arabia
Sierra Leone
Solomon Islands
South Africa
South Georgia and South Sandwich islands
South Sudan
Sri Lanka
St. Lucia
St. Maarten (Dutch Part)
Svalbard and Jan Mayen
Turks and Caicos Islands
U.S. Virgin Islands
United Arab Emirates
United States Minor Outlying Islands
Wallis and Futuna
Western Sahara

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

Who’s Who Legal has recognized eight Brattle principals as leading experts and one Brattle principal as a future leader in the arbitration field for 2019. 


The Brattle Group has been recognized as a leading firm of experts in international arbitration by Global Arbitration Review (GAR).


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

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.
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.
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.”
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.

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.


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.


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.

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 Associates
A Framework for Interest Awards in International Arbitration
July 04, 2018
Published in the Fordham International Law Journal, Vol. 41, Issue 4
Valuing Natural Resources Investments
Published in Contemporary and Emerging Issues on the Law of Damages and Valuation in International Investment Arbitration

Brattle Principals Richard Caldwell, Darrell Chodorow, and Florin Dorobantu have authored a chapter exploring the issues that arise in quantum analysis for natural resources investments matters for a new book.

Facts and Figures – Costs and Duration: 2013-2016
October 03, 2017
Prepared for The London Court of International Arbitration
Damages in Competition/Antitrust Arbitrations
November 22, 2016
Published in Global Arbitration Review’s (GAR) Guide to Damages in International Arbitration
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
A Subject of Interest: Pre-award Interest Rates in International Arbitration
June 01, 2015
Published by The Brattle Group, Inc.
Estimación de Daños Derivados de la Existencia de un Cártel: Análisis de las Sentencias Acor y Ebro Foods
José Antonio García and Dr. Juan Delgado
Published in Spain Arbitration Review, Vol. 20, pp. 53-66
News & Knowledge
June 13, 2019
The Upcoming June 2019 Meeting of the DC Arbitration Club

The next meeting of the DC Arbitration Club hosted by Brattle and Covington will take place on Thursday, June 13, beginning at 5:30 pm with cocktails and appetizers at Brattle’s DC office.

April 09, 2019
Who's Who Legal Recognizes Brattle Principals for their Work in Arbitration

Who’s Who Legal has recognized eight Brattle principals as leading experts and one Brattle principal as a future leader in the arbitration field for 2019. 

April 05, 2019
Brattle Named Among Top International Arbitration Expert Witness Firms by Global Arbitration Review

The Brattle Group has been recognized as a leading firm of experts in international arbitration by Global Arbitration Review (GAR).

March 21, 2019
Dan Harris to Present at Conference on Investor-State Dispute Settlement System

Brattle Principal Dan Harris will speak at a conference on The Investor-State Dispute Settlement System, put on by Roma Tre and the Scuola Nazionale dell’Amministrazione, in collaboration with the Italian Arbitration Association, to be held March 21 in Rome, Italy.

February 21, 2019
Richard Caldwell to Present at the CEA Romania Conference

Brattle Principal Richard Caldwell will speak at the Club Español del Arbitraje (CEA) Romania Conference: International Arbitration for Business: Energy and Infrastructure Sectors Uncovered, to be held February 21 in Bucharest, Romania.

November 15, 2018
Carlos Lapuerta to Present at Damages in International Arbitration Conference

Brattle Principal Carlos Lapuerta will speak at Juris Conferences’ Seventh Annual Damages in International Arbitration Conference, “Looking Back, Looking Forward: Evolution and Trends,” to be held November 15 in London, England.

September 13, 2018
Alexis Maniatis to Speak at 2nd Annual GAR Live Damages Conference

Brattle President and Principal Alexis Maniatis will speak at the 2nd Annual Global Arbitration Review Live Damages conference to be held September 13, 2018, in London.

July 31, 2018
Who's Who Legal Identifies Brattle Economists as World's Leading Experts in Consulting

Who’s Who Legal recognized twelve Brattle economists as leading economic consulting experts in the areas of competition, construction, financial advisory and valuation, quantum of damages, and data and e-discovery.

June 27, 2018
Brattle Client Antin Receives 112 Million EUR Arbitration Award

Brattle Client Antin Infrastructure Services Luxemburg (Antin) was recently awarded 112 million EUR by the International Centre for Settlement of Investment Disputes (ICSID) in their arbitration proceeding against the Kingdom of Spain (Spain) for the removal of economic incentives in Spain’s renewable energy products.

June 27, 2018
Cliente de Brattle Antin consigue un laudo favorable de 112 millones de euros

El Centro Internacional de Arreglo de Diferencias Relativas a Inversiones (Ciadi), organismo dependiente del Banco Mundial, ha fallado en favor de Antin Infrastructure Services Luxemburg y Antin Energia Termosolar BV (Antin) y ha condenado al Estado español (España) al pago de una indemnización de 112 millones de euros, más un interés mensual compuesto del 2,07%.

June 21, 2018
Brattle Client Masdar Awarded 64.5 Million EUR in Arbitration Award

A tribunal for the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) recently ruled that The Kingdom of Spain (Spain) must pay Masdar, Abu Dhabi’s leading clean energy company, 64.5 Million EUR plus interest for loss of earnings caused by the country’s policy changes.

June 04, 2018
Brattle Principals Examine Issues in Valuing Natural Resources Investments

Brattle Principals Richard Caldwell, Darrell Chodorow, and Florin Dorobantu have authored a chapter exploring the issues that arise in quantum analysis for natural resources investments matters for a new book, Contemporary and Emerging Issues on the Law of Damages and Valuation in International Investment Arbitration.

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.