QUESTION PRESENTED:

A BILATERAL INVESTMENT TREATY BETWEEN ARGENTINA AND THE UNITED KINGDOM PROVIDES THAT BEFORE A FOREIGN INVESTOR MAY PURSUE ARBITRATION OF AN INVESTMENT DISPUTE WITH THE HOST STATE, THE INVESTOR MUST FIRST LITIGATE THE DISPUTE FOR AT LEAST 18 MONTHS IN THE HOST STATE’S COURTS. THE QUESTION PRESENTED IS: WHETHER THE COURT OF APPEALS ERRED IN UNDERTAKING DE NOVO REVIEW OF AN ARBITRAL TRIBUNAL’S RULING THAT AN INVESTOR’S NONCOMPLIANCE WITH THE LITIGATION REQUIREMENT DID NOT PRECLUDE THE TRIBUNAL FROM ADJUDICATING THE MERITS OF THE DISPUTE.