On 6 March 2018, the European Court of Justice (ECJ) ruled that the arbitration clause in the Netherlands-Slovakia Bilateral Investment Treaty (BIT) was incompatible with EU law. This stunning decision casts doubt on the legitimacy of the arbitration clauses in 196 other investment treaties currently in force between EU Member States.
Slovakia opened its insurance market to attract foreign investors in 2004. Achmea BV, a company from the Netherlands, invested in the Slovak insurance market. After elections in 2006, the incoming Slovak government reversed its 2004 legislation. Achmea initiated an arbitration with the Permanent Court of Arbitration under the Netherlands-Slovakia BIT. In December 2012, the tribunal–consisting […]