Last week Murphy Oil Corporation withdrew its second suit filed with the World Bank’s International Center for Settlement of Investment Disputes against Ecuador after the country pulled out of the ICSID.
The suit was originally filed last July when Murphy argued that Ecuador broke the U.S.-Ecuador investment treaty by placing a 50 percent windfall earnings tax on oil profits in 2006, according to the Wall Street Journal.
As Ecuador removed itself from the ICSID, Murphy’s request for arbitration was outside the agency’s jurisdiction.
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