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Swedish Appeal Court links CJEU intra-EU arbitration obstacles to Swedish Arbitration Act, declares EUR 56 million SCC investment arbitration award invalid

Photo by Jon Flobrant / Unsplash

13 December 2022, STOCKHOLM. The Svea Hovrätt (Svea Court of Appeal) has declared the EUR 56 million SCC arbitral award rendered in Novenergia II v Kingdom of Spain on 15 February 2018 invalid. In doing so, the Court ordered the unsuccessful investors to pay Spain almost EUR 1 million in costs – an amount which includes costs incurred in response to developments in “the case law of the Court of Justice of the European Union.”

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