Published date: 12-Feb-2024
What do you get if you cross the planet’s richest 1%, a global legal system adapted to their investment whims, and the chance to squeeze billions from governments? The answer is “Investor-State Dispute Settlements”, or ISDS, alternatively dubbed “litigation terrorism” by Joseph Stiglitz, the Nobel prize-winning economist. ISDS is a corporate tribunal system, where a panel of unelected lawyers decides whether a company is owed compensation if the actions of national governments leave its assets “stranded”.
In hearings, which are often held behind closed doors, ISDS documents, claims, awards, settlements – even the content of cases – need not be made public, regardless of any public-interest considerations.