Noble Ventures v. Romania Noble Ventures, Inc. v. Romania (ICSID Case No. ARB/01/11)
United States of America
Share purchase agreement entered into with the Romanian State Ownership Fund.
Claims arising out of a privatization agreement concerning the acquisition, management, operation and disposition of a substantial steel mill with associated and other assets located in Romania.
Tertiary: K - Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Böckstiegel, K.-H.
Lever, J.
Dupuy, P.-M.
Porcasi, V. (replaced)
Decided in favour of State
143.50 mln USD
Data not available
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause
None - all claims dismissed at the merits stage