Tribunal Finds Mexico Liable For Harming U.S. Oil Drilling Investors

( December 12, 2024, 8:32 AM EST) -- WASHINGTON, D.C. — In a decision on jurisdiction and liability, an International Centre for Settlement of Investment Disputes (ICSID) tribunal found jurisdiction over three Texas-based oil companies’ claims against Mexico for violating the U.S.-Mexico-Canada Agreement (USMCA) and North American Free Trade Agreement (NAFTA) and found that Mexico breached NAFTA in part by rescinding the companies’ oil drilling contract....