Case Details

Amerra Capital Management LLC and others v. United Mexican States (ICSID Case No. UNCT/23/1)

Subject of Dispute:

Debt instruments
Economic Sector:

Finance
Instrument(s) Invoked:

NAFTA (North American Free Trade Agreement), USMCA (United States-Mexico-Canada Agreement)
Applicable Rules:

UNCITRAL

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Amerra Capital Management LLC (U.S.), Amerra Agri Fund, L.P. (U.S.), Amerra Agri Opportunity Fund, L.P. (U.S.), JPMorgan Chase Bank, National Association, on behalf of the JPMorgan Chase Retirement Plan (U.S.)
Respondent(s):

United Mexican States (Mexican)

Composition of Tribunal

President:

Albert Jan VAN DEN BERG (Dutch) - Appointed by the Parties
Arbitrators:

Eduardo SIQUEIROS T (Mexican) - Appointed by the Claimant(s)
Jorge E. VIÑUALES (Argentine, Swiss) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

King & Spalding, Miami, FL, Washington, D.C., Houston, TX, and Denver, CO, U.S.A.
SAI Derecho & Economía S.C., Mexico City, Mexico
Respondent(s):

Subsecretaría de Comercio Exterior, Dirección General de Consultoría Jurídica de Comercio Internacional, Secretaría de Economía, Ciudad de México, México
Pillsbury Winthrop Shaw Pittman, Washington, D.C., U.S.A.
Language(s) of Proceeding:

English,Spanish
Status of Proceeding:

Pending
Latest Development:

April 22, 2025 - The Tribunal decides on the admissibility of new evidence.

(a) Original Proceeding

Published Decisions

Procedural Order No. 1

Procedural Order No. 2

Procedural Order No. 3

Procedural Order No. 4

Procedural Order No. 5

Procedural Order No. 6

Available on the ICSID Website

Procedural Order No. 1 (May 11, 2023) English (Original)

Procedural Order No. 2 (June 13, 2023) English (Original)

Procedural Order No. 3 (November 3, 2023) English (Original)

Procedural Order No. 4 (November 29, 2023) English (Original)

Procedural Order No. 5 (March 13, 2024) English (Original)

Procedural Order No. 6 (November 14, 2024) English (Original)

(a) Original Proceeding

Date	Development
February 23, 2023	The Tribunal is constituted in accordance with the UNCITRAL Arbitration Rules (1976), and the North American Free Trade Agreement of December 17, 1992, in force as of January 1, 1994. Its members are: Albert Jan van den Berg (Dutch), President, appointed by the Parties; Eduardo Siqueiros T. (Mexican), appointed by the Claimants; and Jorge Viñuales (Swiss/Argentine), appointed by the Respondent.
April 14, 2023	The Tribunal holds a first session by videoconference.
May 11, 2023	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
June 13, 2023	The Tribunal issues Procedural Order No. 2 concerning confidentiality.
August 14, 2023	The Claimants file a statement of claim.
October 18, 2023	The Respondent files a request to address the objections to jurisdiction as a preliminary question.
October 31, 2023	The Claimants file observations on the request to address the objections to jurisdiction as a preliminary question.
November 3, 2023	The Tribunal issues Procedural Order No. 3 concerning the Respondent’s request to address the objections to jurisdiction as a preliminary question; as a result, the objections to jurisdiction are joined to the merits of the dispute.
November 29, 2023	The Tribunal issues Procedural Order No. 4 concerning procedural matters.
December 28, 2023	The Respondent files a statement of defence.
February 29, 2024	Following exchanges between the parties, each party files a request for the Tribunal to decide on production of documents.
March 13, 2024	The Tribunal issues Procedural Order No. 5 concerning production of documents.
August 5, 2024	The Claimants file a reply on jurisdiction and the merits.
November 14, 2024	The Tribunal issues Procedural Order No. 6 concerning procedural matters.
December 2, 2024	The Respondent files a rejoinder on jurisdiction and the merits.
December 17, 2024	The United States of America files a written submission as a non-disputing State Party pursuant to NAFTA Article 1128.
January 8, 2025	Each party files observations on the non-disputing party written submission.
January 17, 2025	The Tribunal holds a pre-hearing organizational meeting with the parties by video conference.
January 19, 2025	The Tribunal issues procedural order No. 7 concerning the organization of the hearing.
February 24, 2025	The Respondent files a request for the Tribunal to decide on the admissibility of new evidence.
February 25, 2025	The Claimants file observations on the Repondent’s request of February 24, 2025.
February 26, 2025	The Tribunal decides on the admissibility of new evidence.
March 3, 2025 - March 6, 2025	The Tribunal holds a hearing on jurisdiction and the merits in Washington, D.C.
April 11, 2025	The Claimants file a request for the Tribunal to clarify on the admissibility of new evidence.
April 21, 2025	The Respondent files observations on the Claimants’ request of April 11, 2025.
April 22, 2025	The Tribunal decides on the admissibility of new evidence.