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Indeed, the Tribunal has been presented with no indication that Claimants were not serious about the claims they asserted in these proceedings, nor that Claimants pursued this matter in bad faith," the ICISD concluded.
Commerce Group, headquartered in Milwaukee, Wisconsin, filed the ICISD suit in mid-2009, three years after Salvadoran authorities revoked environmental permits the company needed to continue operating its gold mine in La Union, near the Honduran border.
When that did not work, it turned to the ICISD, where it was able to present its US$100 million suit based on rules in the US-Dominican Republic-Central America Free Trade Agreement (CAFTA-DR), which El Salvador implemented in 2006.
The ICISD's decision to dismiss the suit was cause for celebration in El Salvador, an impoverished country that could ill afford a US $100 million private payout.
The Sierra Club also welcomed the suit's dismissal but slammed the ICISD for sticking the Salvadoran government with half the legal bill.
As noted previously, the United States is the only signatory state that is a member of the ICISD. International Centre for Settlement of Investment Disputes, List of Contracting States and Other Signatories of the Convention, at http://www.worldbank.org/icsid/constate/c-states-en.htm (last modified Dec.
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