On 10 January 2017 the Singapore Parliament passed the Civil law Bill (Bill No. 38/2016) legalizing third party funding in international arbitration and related proceedings in Singapore. The Bill entered into force on 1 March 2017 and is one of the first statutes in the world specifically adopted in relation to third party funding. Third […]
Third-Party Funding
Successful State Counterclaims in Investor-State Arbitration : The Case of Burlington Resources Inc v. the Republic of Ecuador
Successful State counterclaims in investor-State arbitration were found on 7 February 2017. The counterclaims were brought by Ecuador in response to claims by Burlington Resources Inc, a U.S.-based foreign investor. In its counterclaims, Ecuador alleged breach of its national environmental law by Burlington Resources and breach of contractual obligations and sought USD 2.8 billion in […]
Duty to Disclose Third Party Funding in International Arbitration
Is there a duty to disclose third party funding in international arbitration? In the resolution of disputes through international arbitration, whether it involves cases of Investment or Commercial Arbitration, parties increasingly resort to so-called “third party funding” (“TPF”). TPF provides prospective parties to a dispute with the ability to request financing from other entities to […]
New English Court Decision Regarding Third-Party Funding Cost Recovery in Arbitration
In 2008, Norscot Rig Management Pvt Limited (“Norscot”), the Claimant, successfully brought a claim in arbitration before the ICC in London, against Essar Oilfield Services Limited (“Essar”), the Respondent. The Arbitrator (Sir Philip Otton) held that the Respondent had breached an operation management agreement relating to an offshore drilling platform and thus was liable to pay over […]
