White & Case Ranked Top Firm in World Bank Investment Arbitration
White & Case was ranked the top law firm in investment arbitration cases before the World Bank's International Centre for Settlement of Investment Disputes ("ICSID"), in a recent study published by independent consulting firm Credibility International.
World Bank arbitration establishes by treaty a mechanism for the resolution of investor-state disputes that has exploded in importance over the past two decades. White & Case is a true pioneer in the field, and its depth of experience and breadth of successes is now confirmed by an independent survey. The Credibility International report is based on a comprehensive quantitative analysis of concluded World Bank cases, and ranks White & Case as the leading global law firm in World Bank arbitration across multiple categories:
Most Experienced: White & Case had the most experience in ICSID cases, with the highest number of ICSID merits awards of any law firm.
Most Successes: White & Case achieved the most successful results before ICSID of any law firm in the world, based on "pure wins and losses."
Strongest Successes: White & Case also achieved the most successful results before ICSID in a weighted analysis reflecting "the relative difficulty for achieving a claimant win," again far outpacing the second place finisher and far ahead of the rest of the field.
The study also highlights the specialized nature of investment arbitration, noting that "[t]here is only a small group of law firms that have established a substantial track record to date in terms of ICSID awards issued, and even a smaller subset of that group that have solid winning records." The study found that there are only six law firms with a meaningful number of concluded cases in the survey.
Credibility International's study included cases where merits awards were issued and publicly available as of June 30, 2013. The Firm has been a pioneer in cases before the World Bank, obtaining the highest paid ICSID award in history (2004), successfully handling the first case ever filed against a Latin American state (1995), filing the first case by a Latin American state ever registered at ICSID (2014), the first ICSID case to reach an award on the merits under the Energy Charter Treaty (2008), the first investment treaty claim before ICSID to be dismissed on grounds of corruption (2014).
Correspondingly, White & Case also has achieved a recent series of success in ICSID cases over the past year that are not included in the study, further distancing White & Case from other firms:
In Caraveli v. Republic of Peru, White & Case achieved total victory for Peru in a Spanish-language arbitration arising out of a Spanish investment in the Peruvian electricity sector.
In Convial v. Republic of Peru, White & Case achieved another total victory for Peru in a Spanish-language arbitration brought by alleged Argentine investors under the Argentina-Peru BIT relating to the construction of the Lima airport toll road. In both cases, the claimants were ordered to pay significant legal costs to Peru.
In Metal-Tech Ltd. v. Republic of Uzbekistan, White & Case achieved the dismissal of all claims under the Uzbekistan-Israel BIT on the basis of corrupt payments made by the opposing party to obtain its alleged investment. It is the first investment treaty claim before ICSID to be dismissed on corruption grounds.
In TECO v. Republic of Guatemala, White & Case obtained an award holding that Guatemala had breached its obligation under the CAFTA to provide fair and equitable treatment, and ordering it to pay the majority of TECO's costs.
In Republic of Peru v. Caraveli, the first case by a Latin American state registered at ICSID, White & Case obtained an agreement whereby Peru is paid $40 million for the damages requested plus costs.
In Isolux v. Republic of Peru, White & Case successfully obtained an award confirming the dismissal of all claims against our client Peru.