{"id":248,"date":"2009-03-30T08:35:00","date_gmt":"2009-03-30T13:35:00","guid":{"rendered":"http:\/\/itn.mattrock.ca\/2009\/03\/30\/cit-group-settles-with-argentina\/"},"modified":"2013-02-05T05:07:12","modified_gmt":"2013-02-05T11:07:12","slug":"cit-group-settles-with-argentina","status":"publish","type":"post","link":"https:\/\/www.iisd.org\/itn\/2009\/03\/30\/cit-group-settles-with-argentina\/","title":{"rendered":"CIT Group settles with Argentina"},"content":{"rendered":"<p><strong>By Damon Vis-Dunbar<br \/>\n30 March 2009<br \/>\n<\/strong><br \/>\nThe American finance company CIT Group has reached a settlement with Argentina, bringing to close <span class='tooltipsall tooltipsincontent classtoolTips18'>ICSID<\/span> arbitration proceedings which began in 2003.<\/p>\n<p>CIT Group had been seeking some US$124 million for alleged violations of the US-Argentina bilateral investment treaty, in one of the many disputes that arose with foreign investors in the wake of Argentina\u2019s 2001-2002 economic crisis.<\/p>\n<p>In a\u00a020 March 2009 letter to the tribunal, counsel for CIT Group announced that it had reached an agreement with Argentina, and requested discontinuance of the arbitration proceedings.\u00a0Argentina concurred with the request, and accepted to split the cost of the arbitration with CIT Group.<\/p>\n<p>Requests by <span class='tooltipsall tooltipsincontent classtoolTips60'>ITN<\/span> to CIT Group for further information about the settlement were not returned.<\/p>\n<p>Of the cases at ICSID launched by foreign investors against Argentina, eight have so far been discontinued after a settlement was reached. A number of others have been suspended on the request of the disputing parties.<\/p>\n<script type=\"text\/javascript\"> toolTips('.classtoolTips18','International Centre for Settlement of Investment Disputes'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips60','Investment Treaty News'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips63','Bilateral investment treaty'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips65','East African community'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips72','Investment Court System'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips76','multilateral investment court'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips116','European Commission'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips118','Union europ\u00e9enne'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips119','Uni\u00f3n Europea'); <\/script>","protected":false},"excerpt":{"rendered":"<p>By Damon Vis-Dunbar 30 March 2009 The American finance company CIT Group has reached a settlement with Argentina, bringing to close <span class='tooltipsall tooltipsincontent classtoolTips18'>ICSID<\/span> arbitration proceedings which began in 2003. CIT Group [&hellip;]<script type=\"text\/javascript\"> toolTips('.classtoolTips18','International Centre for Settlement of Investment Disputes'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips63','Bilateral investment treaty'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips65','East African community'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips72','Investment Court System'); <\/script><\/p>\n","protected":false},"author":4,"featured_media":15869,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1924],"class_list":["post-248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-itn","tag-icsid"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/posts\/248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/comments?post=248"}],"version-history":[{"count":0,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/posts\/248\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/media\/15869"}],"wp:attachment":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/media?parent=248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/categories?post=248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/tags?post=248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}