Caraveli Cotaruse, a Peruvian entity controlled by two Spanish infrastructure groups, lodged an ICSID claim in April 2011 to blame the 2008 financial crisis for its failure to build electricity transmission lines in southern Peru under concession contracts. The company had assumed the responsibility to finance the project itself, but sought extensive remedies and damages.
The international tribunal dismissed the case and awarded full costs in favor of Peru.
Lead counsel to Peru, partner Jonathan Hamilton of White & Case in Washington, DC, says, "This success is a vindication of Peru's conduct and legal framework, which have generated foreign investment flows for the betterment of the country, while reasonably expecting investors to follow the rules."
White & Case successfully defended Peru in another contractual claim at the ICSID brought by Aguaytia Energy, a subsidiary of Duke Energy, which ended in 2008. It is also defending the state in pending ICSID claims brought by Renco Group and Dubai Ports World. In addition, the Firm helped Peru negotiate the return of Inca artifacts from Yale University in 2011.