The Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention) was designed to promote investment in one country by nationals of another country by establishing a neutral mechanism by which a host signatory country and investors from another signatory country can resolve their disputes—arbitration administered by the International Centre for the Settlement of Investment Disputes (ICSID). There are over 150 signatories, including the United States, to the treaty.
There have been numerous high-stakes international arbitrations administered by the ICSID, often pursuant to a bilateral investment treaty, resulting in large arbitration awards. This article concerns the enforcement of ICSID awards in the New York federal courts. In a recent, thorough and well-reasoned decision in Mobil Cerro Negro v. Bolivarian Republic of Venezuela, 2015 WL 631409 (Feb. 13, S.D.N.Y.), Judge Paul A. Engelmayer held that parties may use a streamlined, ex parte procedure to enforce ICSID awards, and that the defenses of lack of personal jurisdiction and improper venue are inapplicable even when enforcement is sought against a foreign sovereign.
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