Philip Morris Brand Sàrl (Switzerland), Philip Morris Products S.A. (Switzerland) and Abal Hermanos S.A. (Uruguay) v. Oriental Republic of Uruguay

Certain changes to Uruguay's cigarette packaging regulations went into effect in 2009. Philip Morris International challenged the regulations in 2010 under a bilateral investment treaty between the Government of Uruguay and the Government of Switzerland for the reciprocal promotion and protection of investments. Arbitration was conducted under the International Centre for Settlement of Investment Disputes (ICSID). Analysis Group Managing Principal Jeffrey Cohen submitted two expert reports on behalf of Uruguay to the ICSID regarding this dispute. During hearings in 2015, Mr. Cohen testified about the economic damages models in the case. In July 2016, a World Bank tribunal rejected Philip Morris' challenge, ruling that Uruguay's packaging regulations were reasonable exercises of the country's sovereign right to protect public health. The panel also rejected Philip Morris' claim that its investment in Uruguay had been expropriated, and ordered Philip Morris to pay Uruguay's arbitration costs and fees.

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