Mark McNeill, left, and Alexander G. Leventhal, right, are partners at Quinn Emanuel Urquhart & Sullivan. Courtesy photos DC Circuit OKs Enforcement of Intra-EU Awards, Does Not Decide If Other Treaties' Awards May Be Enforced
However, a closer read of the decision reveals that the circuit court may not be so willing to allow for the unbridled enforcement of intra-EU awards.
September 26, 2024 at 12:00 PM
7 minute read
On Aug. 16, the U.S. Court of Appeals for the District of Columbia Circuit resolved a split within its own circuit and greenlit the enforcement of three investment arbitration awards rendered in favor of investors from one European Union member state against another EU member state, Spain, in NextEra Energy Global Holdings B.V. v. Kingdom of Spain, No. 23-2031. In so doing, the court has given hope to those who wish for the United States to be a safe haven for awards rendered in so-called intra-EU arbitrations. This saga flows from the decisions of the Court of Justice of the European Union (CJEU) in the Achmea line of cases, which found that the arbitration provisions of investment treaties are contrary to EU law insofar as they provide for arbitration between an EU member state and a national of another EU member state. However, a closer read of this decision reveals that the court may be less inclined to allow for the unbridled enforcement of intra-EU awards than optimistic court-watchers may have hoped.
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