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Hogan Lovells Wins for Edenred in ICSID Arbitration Against Hungary

Hogan Lovells Wins for Edenred in ICSID Arbitration Against Hungary

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Hogan Lovells is reporting that it achieved a victory for Edenred in its ICSID arbitration against Hungary, with the Tribunal ruling in favor of Edenred and ordering Hungary to pay around EUR 23 million, plus interest. Baker & McKenzie represented Hungary in the arbitration.

According to a Hogan Lovells press release, "the claim was brought under the France-Hungary bilateral investment treaty and relates to the expropriation of Edenred's business in Hungary through changes in legislation in the field of fringe benefits. The Arbitral Tribunal declared that by adopting these measures, Hungary expropriated Edenred's investment in Hungary."

Hogan Lovells commenced ICSID arbitration proceedings against Hungary on behalf of Edenred in August 2013. The Tribunal, presided by Juan Fernendez-Armesto (Spain), along with Francisco Orrego Vicuna (Chile) and Claus von Wobeser (Mexico), rendered its award in favor of Edenred on December 13, 2016.

The Hogan Lovells team was led by Paris-based Partner Carmen Nunez-Lagos, assisted by Paris-based Partner Laurent Gouiffes, Counsel Thomas Kendra, and Associates Ana Carolina Simoes e Silva and Claire Martin, Budapest-based Partner Laszlo Partos and Counsel Akos Kovach, and Washington-based Partner David Foster.

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Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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