By Victoria McKenzie (January 19, 2022 7:51 p.m. EST) – Switzerland has escaped a $300 million real estate lawsuit filed on behalf of three Italian investors who said the government and national bank had taken action who would have devalued their real estate.
On Wednesday, the International Center for Settlement of Investment Disputes closed a dispute filed in 2020 by Seychelles-based Human Rights Defenders Inc. as the legal successor to Natale Palazzo, Rodolfo Scodeller and Antonio Basile for failing to pay the arbitrators’ daily allowances.
Human Rights Defenders filed a lawsuit in 2019, arguing that Switzerland, with a 1989 federal decree retrospectively prohibiting the ban on real estate, deliberately attempted to devalue real estate and impede real estate development.
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