Shareholders' Claims for Reflective Loss in International Investment Law

Lukas Vanhonnaeker

• Publisher: Cambridge University Press
• Year: 2020
• Print ISBN:
  9781108489430
• eBook ISBN:
  9781108786720
• Topic: Law
• Subtopic: International Law
• Index: Law

In recent years, investor-state tribunals have often permitted shareholders' claims for reflective loss despite the well-established principle of no reflective loss applied consistently in domestic regimes and in other fields of international law. Investment tribunals have justified their decisions by relying on definitions of 'investment' in investment agreements that often include 'shares', while the no-reflective-loss principle is generally justified on the basis of policy considerations pertaining to the preservation of the efficiency of the adjudicatory process and to the protection of other stakeholders, such as creditors. Although these policy considerations militating for the prohibition of shareholders' claims for reflective loss also apply in investor-state arbitration, they are curable in that context and must be balanced with policy considerations specific to the field of international investment law that weigh in favor of such claims: the protection of foreign investors in order to promote trade and investment liberalization.

Table of contents

• Cover
• Half-title page
• Series page
• Title page
• Copyright page
• Contents
• List of Figures
• Foreword
• Acknowledgments
• Table of Cases
• Table of Treaties
• Abbreviations and Acronyms
• Introduction: International Investment Law’s Narrative and Shareholders’ Claims for Reflective Loss
• 1 Shareholders in International Investment Law
• 2 International Investment Law’s Shareholders’ Claims for Reflective Loss: A Clash of Policies
• 3 Shareholders’ Claims for Reflective Loss in Domestic Regimes, Customary International Law of Diplomatic Protection, and Human Rights Law
• 4 International Investment Law on the Standing of Shareholders
• 5 Legal Uncertainty and Inconsistency Militating against Shareholders’ Claims for Reflective Loss: The Unpredictability of Investment Disputes Involving Shareholders
• 6 Shareholders’ Claims for Reflective Loss and the Dangers of Parallel Proceedings
• 7 International Res Judicata as a Solution to Parallel Proceedings Arising from Shareholders’ Claims for Reflective Loss in International Investment Law
• 8 The Consolidation of Proceedings and Mass Claims in International Investment Law and Arbitration
• 9 Calculating Damages in Shareholders’ Claims for Reflective Loss
• Conclusion
• Bibliography
• Index