LAUSANNE, Switzerland - Saturday, July 9th 2016 [ME NewsWire]
(BUSINESS WIRE)-- Philip Morris International Inc. (PMI) (NYSE/Euronext Paris: PM) today comments on the decision of an ICSID tribunal in the arbitration between PMI and Uruguay regarding two regulations that Uruguay implemented in 2009. PMI brought the case under Uruguay’s 1988 investment protection treaty with Switzerland, which provides a neutral forum for dispute resolution.
Marc Firestone, Philip Morris International Senior Vice President and General Counsel, said:
“For the last seven years, we have already been complying with the regulations at issue in the case, so today’s outcome doesn’t change the status quo. We’ve never questioned Uruguay’s authority to protect public health, and this case wasn’t about broad issues of tobacco policy. The arbitration concerned an important, but unusual, set of facts that called for clarification under international
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