Hogan Lovells is reporting that it achieved a victory for Edenred in its ICSID arbitration against Hungary, with the Tribunal ruling in favor of Edenred and ordering Hungary to pay around EUR 23 million, plus interest. Baker & McKenzie represented Hungary in the arbitration.
According to a Hogan Lovells press release, "the claim was brought under the France-Hungary bilateral investment treaty and relates to the expropriation of Edenred's business in Hungary through changes in legislation in the field of fringe benefits. The Arbitral Tribunal declared that by adopting these measures, Hungary expropriated Edenred's investment in Hungary."
Hogan Lovells commenced ICSID arbitration proceedings against Hungary on behalf of Edenred in August 2013. The Tribunal, presided by Juan Fernendez-Armesto (Spain), along with Francisco Orrego Vicuna (Chile) and Claus von Wobeser (Mexico), rendered its award in favor of Edenred on December 13, 2016.
The Hogan Lovells team was led by Paris-based Partner Carmen Nunez-Lagos, assisted by Paris-based Partner Laurent Gouiffes, Counsel Thomas Kendra, and Associates Ana Carolina Simoes e Silva and Claire Martin, Budapest-based Partner Laszlo Partos and Counsel Akos Kovach, and Washington-based Partner David Foster.