Divided ICSID Tribunal Finds It Has Jurisdiction Over Cyprus Bank Losses

(March 10, 2020, 1:08 PM EDT) -- WASHINGTON, D.C. — The International Centre for Settlement of Investment Disputes (ICSID) has jurisdiction over a “mass claim” between two member European Union (EU) states initiated by entities with money invested in two Republic of Cyprus banks that allege that a merger plan approved by the country resulted in large losses, a divided ICSID tribunal ruled in a Feb. 7 decision that was published Feb. 25 (Theodoros Adamakopoulos, et al. and Republic of Cyprus, No. ARB/15/49, ICSID)....