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Article

6 May 2012

Author:
Isolda Agazzi, IPS

Corporations Win Big in Battle Against Investment Regulation

In a world where governments are increasingly subservient to global finance capital, multinationals are gaining ground in the fight against state regulations that aim to protect the environment, public health or social policies. According to the most recent data released by the United Nations Conference on Trade and Development (UNCTAD), the number of lawsuits brought against governments by companies evoking clauses in bilateral investment treaties (BITs) was 450 at the end of 2011…According to UNCTAD, the year 2011 saw 40 percent of cases decided in favour of states and 30 percent in favour of investors, while the remaining 30 percent resulted in settlements...BITs allow companies to sue governments but not vice versa...Nathalie Bernasconi, of...International Institute for Sustainable Development...[said] "Foreign investors may challenge...any change in law and policy to protect the environment and public health, to promote social or cultural goals, or to grapple with financial or economic crises..." [refers to Chevron, Repsol, Vattenfall, Philip Morris International, Metalclad (part of Entrx), Holcim]