Argentina is the second country with the most lawsuits in the ICSID court and lost 85% of the cases

The International Center for Settlement of Investment Disputes (ICSID) is a international court which depends, administratively, on the World Bank, which in turn is a sister institution of the International Monetary Fund.

It is different from a traditional world court such as the UN International Court of Justice; or the International Criminal Court in The Hague. It is, rather, an arbitration mechanism between States and companies when there are cases of breach of contracts. It is intended as an institutional framework for agreement between parties.

After 20 years, in 2025 Argentina will no longer be in the first place in the world ranking of the countries with the most lawsuits against it, losing place with Venezuela.

According to ICSID information processed by the think tank international Transnational Institute, in the 86% of cases in which the Argentine State was involved, the resolution was favorable towards the company plaintiff.

Claims before that court tend to be triggered by accusations of breach of contracts, something that for international investments is guaranteed by the BIT (bilateral investment treaty). Argentina is the country in the region with the most treaties of this type, with 48 currentthe majority signed during the Menemist decade.

92% of the lawsuits against Argentina came from companies in the United States, Canada and Europe. A third (22) of all lawsuits against Argentina come from US investors, followed by Spain (10), France (8) and Italy (6).

Of the 65 cases that the country faced – between those already closed and those pending -, 19 are related to supply contracts energy; 11 a financial investments and others 10 a running water. They are followed further behind by other sectors such as construction and mining.

The peak of demands took place in 2003, after the end of convertibility. The change in the monetary and exchange regime that included a devaluation, pesification and freezing of public services triggered litigation in court. There were 20 claims initiated that year alone. Between 2002 and 2007 there were 47 open cases.

Of the 65 cases initiated against Argentina since the late 1990s compiled by the Transnational Institute, the 51% were defined with an award in favor of the companieshe 35% ended due to an agreement between the parties and only 12% ended with a ruling favorable to the Argentine State. The remaining 2% had no resolution anywhere.

“Taking into account that an agreement between parties generally benefits the investor in some waywhether through the disbursement of money or the granting of what was claimed, can be understood as a favorable decision for the investor,” analyzed that think tank based in the Netherlands. In this way, 86% of the cases were unfavorable for the Argentine State.

In monetary terms, all the lawsuits initiated demanded that Argentina pay some US$36.8 billion, but those that were finalized and awarded involved US$ 10,046 millionuntil November of last year.

According to ICSID data, Seven cases remain pending resolution. The last one was opened last February by the Italian company Webuild (formerly Salini Impregilo).

Strictly speaking, this company had already had a favorable award in April 2025 for a claim for non-compliance with a route construction contract in the provinces of Entre Ríos and Santa Fe. But a month ago it decided to go to court again. The Treasury Attorney General’s Office did not comment on a query from Clarion about that new case.

The other cases to be resolved are IJM Corporation Berhad (a Malaysian company, due to a claim for tariff freezing in the highway concession); Abertis (also on highways); the North American BA Developments; NN Group (due to the nationalization of the pension system) and AES Corporation (due to the pesification of contracts for the Alicurá dam). Among these cases there are US$ 1,170 million.

ICSID does not have its own judges, although it does a stable cast of “referees“which are usually summoned in each case, either by the plaintiffs or by the national governments to defend themselves. The courts are made up of a president and a representative per side.

One of the world “stars” of arbitration for disputes between investors and states is Argentine. Is called Horacio Grigera Naón and participated in 30 cases. The vast majority (28), invited by companies plaintiffs. He is only surpassed by the French Brigitte Stern, with 31, although on the contrary, she has a profile of defender of the position of the defendant states.