The Swiss Federal Supreme Court (SFSC) dismissed an appeal brought by the Kingdom of Spain against the final award rendered in the investment treaty arbitration PCA Case No 2012-14, ordering Spain to pay various amounts to certain claimant investors totaling more than €91m. The SFSC held that the award neither violated Spain’s right to heard nor the procedural public policy. As to Spain’s appeal, it should have, at least in part, been directed against a procedural order which, in substance, constituted a decision on jurisdiction. In its appeal against the procedural order, Spain could have raised grounds for appeal which it raised in its appeal against the final award. As to preliminary awards, which settle preliminary questions of substance or procedure, the SFSC clarified that they do not enjoy the authority of res judicata, but are nevertheless binding on the tribunal from which they originate.
Petra Rihar’s analysis of the decision 4A_187/2020 of February 23, 2021 was published on LexisNexis on April 1, 2021. You can access the publication here.