Gramercy v. Peru Gramercy Funds Management LLC, and Gramercy Peru Holdings LLC v. The Republic of Peru (ICSID Case No. UNCT/18/2)
United States of America
Ownership of 9,700 Peruvian Agrarian Land Reform Bonds (the bonds had been issued to Peruvian citizens in compensation for the expropriation of agrarian land in the late 1960s and acquired by the claimants between 2006 and 2008).
Claims arising out of a 2013 decision of Peru’s Constitutional Tribunal and subsequent Supreme Decrees passed in 2014 that related to the repayment scheme for government-issued land reform bonds. The said decisions prescribed the value of the bonds to be determined by using a specific method, which allegedly diminished the total value of the bonds, owned by the claimants, from USD 1.6 billion to USD 1.1 million.
Tertiary: K - Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
ICSID (International Centre for Settlement of Investment Disputes)
Drymer, S. L.
Stern, B.
Fernández-Armesto, J.
1600.00 mln USD
Data not available
Indirect expropriation

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

National treatment

Most-favoured nation treatment