Fourth Annual Damages in International Arbitration – October 2, 2015

Fourth Annual Damages in International Arbitration Conference –
Size-mic Changes in Damages Valuation? – to be held at the Grand Hotel Wien in Vienna, Austria – October 2, 2015


Online Registration is now closed.  Onsite Registration is available.  Please fill out registration form and complete registration, with payment, at conference venue.


8:00AM – 9:00AM       Registration – Coffee and Tea upon arrival

9:00AM – 9:15AM        Introduction

9:15AM – 9:45AM        Keynote Speech by professor Christoph H. Schreuer

9:45AM – 11:15AM       Panel 1: Analyzing Recent Arbitral Awards

Moderator: Dr. Irmgard Marboe    Panel:Dr. José Alberro, Kathleen Paisley,
                                                         David Hesse 

  • Recent investment arbitration cases have resulted in remarkably high awards, (e.g. Yukos v. Russia 50 billionUSD, Mobil v. Venezuela 1.4 billionUSD, Gold Reserve v. Venezuela 713 millionUSD, Stati v. Kazakhstan 500 millionUSD)
  • Are there common patterns different from those several years ago?
  • Is there a qualitative change of the roles of arbitrators and counsel in such large cases?  Do they have a more “political role” and include more public policy considerations?  Does this explain why damage reducing factors, such as country risk or contributory fault, are more extensively reflected?

11:15AM – 11:45AM        Coffee/Tea Break

11:45AM –  13:15PM        Panel 2: Valuation Trends and Methods Used in Recent Arbitral Awards

Moderator: Craig Miles                 Panel: Richard E. (Rory) Walck, Flip Petillion,
                                                           Shannon Lazzarini, Ermelinda Beqiraj

  • The discussion will dig deeper into some methods used in recent cases and will also include a presentation (and discussion) of research done by PricewaterhouseCoopers into damages awarded in recent years.

13:15PM – 14:15PM        Networking Luncheon

14:15PM – 15:15PM        Panel 3: Mock Arbitration – Should country Risk Premiums be Included in Determining a Discount Rate? Shades of Gold Reserve v. Venezuela and Exxon Mobil v. Venezuela

A 90-minute mock argument by two counsel, each accompanied by an expert, before a 3-person tribunal on the question of whether country risk premiums should, or should not, be included in determining a discount rate in the damages calculations.  The tribunals in Gold Reserve v. Venezueal, Tidewater v. Venezuela and  Exxon Mobil v Venezuela  reached contrary results on this question, and the impact of their decisions on the damages awarded in those disputes was of course very large.  Experts will share time with their engaging counsel in making each side’s argument to the tribunal and answering questions from the tribunal members.


Sophie Lamb

Alexander Yanos

Aimee-Jane Lee


Howard Rosen

Geoffrey Senogles


Sophie Nappert

Abby Cohen Smutny

Lisa M. Richman

15:45PM – 16:15PM         Coffee/Tea Break

16:15PM – 17:30PM        Panel 4: Contributory Conduct and Damages; A $16.6 Billion Question?

Moderator – Mark Kantor            Panel: Miriam Harwood, Michael D. Nolan,
                                                         Andrea Bjorklund

  • The impact on damages of contributory conduct by a successful claimant, taking into account inter alia the award in Yukos, Occidental and MTD   
  • The interplay between expert witness evidence and fact evidence in accounting for contributory conduct
  • Merits issues vs. remedies issues


Mark Kantor is an independent arbitrator and mediator. He teaches courses in International business Transactions and in International Arbitration as an Adjunct Professor at the Georgetown University Law Center. Mr. Kantor was formerly a partner with Milbank, Tweed, Hadley & McCloy in their Corporate and Project Finance Groups. His recent arbitration and mediation engagements include disputes in the energy, telecommunications, semiconductors, political risk insurance, water rights, finance and banking.

Dr. Irmgard Marboe is Professor at the Department of European, International and Comparative Law at the Law Faculty of the University of Vienna.  In her publications in the area of investment law, she applies an interdisciplinary approach and tries to bridge the gap between law, accounting and valuation.  She is the author of “Calculation of Compensation and Damages in International Investment Law” published by Oxford University Press in 2009 and other books and articles in international investment law and other areas of international law.  As associate editor of the online journal Transnational Dispute Management (TDM), she edited a special issue on “Compensation and Damages in International Investment Arbitration”. She teaches International Law at the University of Vienna and as adjunct and visiting professor at other universities in Austria and abroad.  Between September 2014 and March 2015 she was a visiting scholar at Stanford University, California.  She acts as consultant for law firms and enterprises.

Sirshar Qureshi is the forensic services leader for PricewaterhouseCoopers in central and Eastern Europe, Russia and CIS.  He specializes in forensic services for more than 16 years and his experience covers many aspects of accounting and financial matters, including loss of profits claims, construction claims, claims arising following acquisitions and sales of business, insurance claims, fraud prevention, integrity due diligence and financial investigation. Mr. Qureshi regularly acts as an expert witness in investment arbitration and commercial international arbitration cases.

Keynote Speaker

Christoph Schreuer is Of Counsel to Zeiler Partners in Vienna.  He is an expert on international investment law. Professor Schreuer has written expert opinions in many investment cases and has served as arbitrator in ICSID and UNCITRAL cases.  Currently he works as an independent expert and arbitrator in investment cases.  The author of numerous articles and books, he regularly holds lectures and is a member of – inter alia – the ICSID Panel of Conciliators and Arbitrators.


José Alberro coheads Cornerstone Research’s international arbitration and litigation practice.  His expertise focuses on applied economic and financial modeling across a variety of industries, with particular depth in oil and natural gas, petrochemicals, consumer goods, industrial inputs, and telecommunications.  He specializes in damages estimation in the context of international arbitration; mergers and antitrust; tariff design in network industries (electricity, natural gas transportation and distribution, water); and economic impact analysis.  Dr. Alberro has testified in proceedings under ICSID, UNCITRAL, ECT and ICC rules.  He has conducted arbitrations at the World Bank’s International Center for Settlement of Investment disputes and at the American Arbitration Association.

Ermelinda Beqiraj is a Partner in PricewaterhouseCooper UK specializing in the provision of expert evidence on damages in litigation and international arbitration.  She has been recognized as a leading expert witness in international arbitration by Who’s Who Legal in 2014 and 2015.  Ms. Beqiraj advises clients and their legal advisors in disputes arising from breaches of contract and investment treaties in a range of sectors including: energy, mining, construction, transport, healthcare and consumer products.  Ms. Beqiraj leads PricewaterhouseCooper’s transaction and shareholder dispute practice which advises corporate clients and Private Equity houses in disputes arising from transactions – such as breach of warranty claims, completion accounts and earn out disputes.  She has a particular focus on disputes arising in emerging markets, particularly Central & Eastern Europe. 

Andrea Bjorklund is a Full Professor and the L. Yves Fortier Chair in International Arbitration and International Commercial Law at McGill University.  She is a renowned expert in international arbitration and litigation, international trade and international investment.  Professor Bjorklund was previously a professor at the University of California (Davis) School of Law and a Bigelow Fellow at the Chicago Law School.  Prior to entering academia, Professor Bjorklund worked on the NAFTA arbitration team in the U.S. Department of State’s Office of the Legal Adviser and worked for Commissioner Thelma J. Askey on the U.S. International Trade Commission.

Miriam K. Harwood is a Partner in the New York office of Curtis, Mallet-Prevost, Colt & Mosle LLP.  Her practice is focused on investment treaty arbitration and international commercial arbitration, particularly as counsel for foreign states, state-owned entities and governmental agencies.  She has acted as counsel in arbitration conducted in the United States and abroad, including cases before the International Centre for Settlement of Investment Disputes (ICSID) and the ICC International Court of Arbitration.

David Hesse is a Partner in Curtis, Mallet-Prevost, Colt & Mosle’s Oil and Gas and Private Equity practices.  He practices  in their London and Paris offices.  Mr. Hesse’s energy practice concentrates on advising national oil and gas companies in connection with upstream activities, international tenders, refinery projects, farm-out agreements and other contracts in the petroleum and petrochemical industries.  He has been involved in numerous international commercial arbitration matters.  His private equity work involves venture capital and acquisitions representing both investors and companies in all stages of development.  Mr. Hesse’s investment management experience includes fund formation and Undertaking for Collective Investments in Transferable Securities (UCITS) regulatory matters.

Sophie Lamb is a Partner in Debevoise & Plimpton’s London office.  Her practice focuses on commercial and investment treaty arbitration, complex litigation, public international law and business and human rights.  Ms. Lamb has represented clients across a range of industry sectors, including automotive, banking, energy, natural resources, pharmaceuticals, private equity and telecommunications.  She has particular expertise in the oil & gas and mining industries and is Co-Chair of the firm’s Energy Disputes Group.  With more than 15 years of experience, Ms. Lamb has acted as adviser and/or advocate in more than one hundred international arbitrations in proceeding involving such matters as investment agreements, long term supply relationships, hardship/fairness clauses, and joint venture disputes among many others.  She has conducted cases under all of the principal arbitration rules.

Shannon T. Lazzarini is Counsel with Skadden, Arps, Slate, Meagher & Flom in their New York office.  Her international litigation and arbitration experience includes disputes in the areas of finance, energy, construction, telecommunications, technology and sports.  She has advised on matters involving contracts, partnerships and corporate law.  In addition, Ms. Lazzarini advises U.S. and international clients on record-keeping, document preservation and e-discovery obligation in U.S. litigation, as well as disclosure processes in international arbitration.  She represents clients before international bodies such as the International Chamber of Commerce (ICC), the International Centre for Settlement of Investment Disputes (ICSID) and tribunals constituted under the Arbitration rules of the United Nations commission of International Trade Law (UNCITRAL).

Aimee-Jane Lee is an International Counsel in Debevoise & Plimpton’s International dispute Resolution Group and is based in the London office.   Her practice focuses on international commercial arbitration and litigation, and public international law.  Ms. Lee has advised private clients and states across multiple jurisdictions (notably in Asia, Africa and Eastern Europe) and a number of industries, including mining, construction, hospitality, advertising and, especially, energy.  She has represented clients in arbitrations conducted under the auspices of the main institutions and governed by a variety of substantive and procedural legal systems.  In addition to her legal experience, Ms. Lee has passed Levels 1, 2 and 3 of the CFA exams (Chartered Financial Analyst.  She is therefore particularly proficient in assisting clients with quantum-related aspects of their dispute and liasing with quantum experts.

Craig S. Miles is a Partner in King & Spalding’s International Arbitration Group, residing in the Houston office.  His practice focuses on representing foreign investors in disputes with host governments, primarily before the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), and private parties in commercial disputes before the International Chamber of Commerce (ICC), the American Arbitration Association (AAA), and other domestic and international arbitral institutions.  Mr. Miles has first-or second-chaired dozens of arbitral hearings involving disputes throughout North and South America, Europe, Asia, Africa and the Middle East, with particularly strong experience in bilateral investment treaty (BIT) disputes in the oil & gas and infrastructure sectors and in Latin America.

Sophie Nappert is a dual-qualified lawyer in Canada and in the United Kingdom.  She is an arbitrator in independent practice, based in London.  Before becoming a full-time arbitrator, she was Head of International Arbitration at a global law firm.   Her areas of expertise include: energy and natural resources, infrastructure, hotel and leisure, pharmaceuticals, telecoms, joint ventures, concession agreements,emerging economies and notably Russia, Kazakhstan and the Caspian region, the Energy Charter Treaty, investment treaty disputes, investment law and EU law, and disputes against State parties.

Michael Nolan is a Partner in the Washington, D.C. office of Milbank, Tweed, Hadley & McCloy and a member of the firm’s Litigation & Arbitration Group.  He has represented clients in U.S. federal and state courts and before arbitral tribunals in all manner of complex disputes, including general commercial, securities, antitrust, tax and insolvency cases.  Mr. Nolan’s practice has a particular focus on international arbitration and transnational litigation.  He has served as counsel or arbitrator in cases under AAA, ICC, ICSID, UNCITRAL and other rules.  His arbitrations have involved electricity, gas, transportation and mining concessions; join-venture agreements, satellite and other insurance coverage; construction; and energy distribution.  He has represented both investors and states in arbitration pursuant to bilateral investment treaties and the Energy Charter Treaty.  Mr. Nolan is General Counsel of the Intellectual Property Owners Association, the leading trade association for owners of patents, trademarks, copyrights and trade secrets.

Kathleen Paisley is a Partner in the Brussels office of Ambos NBGO.  She has been practicing in Brussels, London and The Hague for more than 25 years.  Ms. Paisley specializes in regulatory compliance, international dispute resolution and EU competition law.  She advises on all aspects of international business transaction particulars involving the commercial exploitation of technology and intellectual property.  In addition, she counsel clients with respect to international regulatory compliance related to technology, intellectual property, securities, foreign corrupt practices, and money laundering issues.  As a leading international arbitration expert she has acted in arbitration and mediations of commercial and investor-State disputes under all the major international arbitration rules relating to areas including technology, construction and infrastructure projects, shareholder and accounting disputes, intellectual property.

Flip Petillion is a Partner in Crowell & Moring’s Brussels office. For more than 25 years, Mr. Petillion has served as chairman, sole arbitrator and party-appointed arbitrator, and he also acted as counsel in arbitration proceedings under the rules of International Chamber of Commerce (ICC, Paris, France), the International Dispute Resolution Center (ICDR, New York, NY, USA), the International Centre for Settlement of Investment Disputes (ICSID), the World Intellectual Property Organization (WIPO, Geneva, Switzerland), the International Trademark Association (New York, NY, USA), the National Arbitration Forum (Minneapolis, MN, USA), the Czech Arbitration Court (CAC, Prague, Czech Republic), the Nederlands Arbitrage Instituut (NAI, Rotterdam, the Netherlands), and the Belgian Mediation and Arbitration Center (CEPANI, Brussels, Belgium). He contributed to the introduction of WIPO’s expert determination rules as an alternative dispute resolution mechanism. Mr. Petillion has handled a large number of disputes over the recent years, including landmark cases in the Internet and technology industries and in more traditional sectors like electricity, gas, construction and telecommunications.

Lisa M. Richman is a Partner in McDermott Will & Emery’s Washington, D.C. office.  She focuses her practice on international arbitration matters.  Ms. Richman has experience representing clients in a broad range of matters, including in the areas of international commercial and investment arbitrations, securities enforcement, securities litigation, general commercial litigation, and insurance coverage.  Her clients have included investors, governments, corporations, corporate officers and directors and individuals.  Ms. Richman also has experience conducting internal investigations in a variety of areas around the world.

Howard Rosen is a Senior Managing director at FTI Consulting based in Toronto.  He has been involved exclusively in business valuations, damages quantification, and corporate finance related matters since 1981.  Mr. Rosen has acted as an advisor to private and public companies, regulatory bodies, and all levels of government on a wide variety of industries.  His work experience covers assignments across North and South America, Europe, the Middle East, Africa, and Asia.  Mr. Rosen has provided expert witness testimony in over 200 damages quantification and valuation matters in courts in Canada and the United States and also in International Arbitration hearings in North and South America, Asia, Africa, Europe and the Middle East.  Mr. Rosen has acted as court appointed administrator, monitor and inspector and sat as a member of an Arbitral Tribunal and sole Arbitrator.

Geoffrey Senogles is a Vice President in Charles River Associates and is based in their Geneva and London offices.  He is a chartered accountant and heads the team of forensic accountants.  Mr. Senogles focuses on investigative accounting and the measurement of financial losses; specializing in international arbitration disputes (treaty and commercial), joint venture audits, loss of profits, sports, business valuations, royalty audits, financial investigations and oversight.  He has worked on assignments across Europe, the Middle East, Africa, and North America – including three years on staff at the United Nations Compensation Commission in Switzerland.  Mr. Senogles lectures on financial damages on the MIDS LL.M program at the University of Geneva and also provides training in financial damages to law firms and to arbitral institutions.

Abby Cohen Smutny is a Partner in the Washington, D.C. office of White & Case.  She is recognized as one of the world’s leading experts in international arbitration.  Ms. Smutny represents clients in international commercial arbitration, in investment treaty arbitration, and in international disputes before U.S. courts, and counsels clients as to a wide variety of claims.  She has represented and counseled clients in disputes involving numerous industries, including banking, financial services, oil & gas, mining, electric power, real estate development, water supply, retail, pharmaceuticals, construction, tobacco, railroads, telecommunications, and manufacturing.  Ms. Smutny represents clients in arbitration before all major arbitral forums, as well as ad hoc arbitration, such as under the UNCITRAL Rules, and handles disputes arising under bilateral investment treaties (BITs), the Energy Charter Treaty, the NAFTA, the DR-CAFTA, and the ASEAN treaty.

Richard E. Walck  is a Partner and Co-founder of Global Financial Analytics LLC.  He has provided expert services on damages and valuation issues in arbitration and litigation for nearly forty years and has testified in ICSID, ICC, ICDR, UNCITRAL and Ad Hoc arbitral proceedings.  Mr. Walck holds multiple credentials in accounting, finance and valuation and has been consistently listed as one of the top international experts in Who’s Who Legal.

Alexander Yanos is a Partner and Co-Chair of the Treaty Arbitration Group in the New York office of Hughes Hubbard.  His practice focuses on complex disputes, particularly international disputes, both in court and before arbitral tribunals.  Mr. Yanos’ arbitration practice incudes commercial, financial and treaty-based disputes, particularly in the energy and mining sectors and in Latin America.  Recently, he has obtained a finding of unlawful expropriation in an ICSID arbitration against Venezuela, one of the largest investment treaty cases ever filed.  He has acted in matters before nearly every international arbitration tribunal.


Rooms have been blocked for the nights of 30 September through 02 October at two locations:

The Grand Hotel Wien
Kaerntner Ring 9
A-1010 Vienna, Austria

at a special conference rate of € 289,00 through € 329,00 per night (depending on room type) that includes all applicable taxes and fees.


The Ring Hotel
Kaerntner Ring 8
A-1010 Vienna, Austria

at a special conference rate of €249,00 through €269,00 per night (depending on room type) that includes all applicable taxes and fees.

Reservations must be received by 10 September 2015 to receive the preferred conference rates. After 10 September 2015 rooms can be booked at conference rates based upon hotel availability. All arrangements are between the registrant and the hotel.

Contact Information for both Hotels:

Johannes Grass, Banquet/Conference Manager
Grand Hotel Wien, Kaerntner Ring 9, 1010 Vienna, Austria
Tel: +43-1-515-80-1822 Fax: +43-1-515-80-14
E-mail: Web:

For sponsorship opportunities please contact: Candice Dubensky at

For more information please contact our event coordinators at

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