Every two years we marvel that there are more mega-awards in global arbitration than there are megaverdicts in the jackpot heaven of U.S. courts. Sure enough, our 2015 Arbitration Scorecard chronicles 10 awards of more than half a billion dollars in tussles for control of Russian hydrocarbons or Nigerian telecoms. That compares with nine judgments of like size over the same period in our affiliate VerdictSearch, which tracks everything from good old American slip-and-falls to tobacco cash gushers.
Everyone knows that parties like arbitration because it’s widely enforceable. But that’s only an advantage because litigation is not. Why is there no litigation equivalent to the 1958 New York Convention, which allows easy recognition of arbitral awards in 155 nations? There actually is such a treaty—the Hague Convention on Choice of Courts Agreement—and Europe approved it in June.
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