In Sempra v Argentina (ICSID Case no ARB 02/16), an ICSID tribunal has awarded compensation for breach of a treaty provision entitling the investor to fair and equitable treatment; and has also found a breach of the umbrella clause in the US-Argentina BIT.

The tribunal's award covers some well-worn ground concerning the economic crisis in Argentina, and its conclusions on issues relating to the scope of the defence of necessity, and the meaning of the umbrella clause, are not entirely consistent with views of previous tribunals. The award is also of note because, by a majority, the tribunal refused to award post-award interest.