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Dr. Horst Reineccius v. Bank for International Settlements Partial Award on the Lawfulness of the Recall of Privately Held Shares on 8 January 2001 and the Applicable Standards for Valuation of Those Shares
Permanent Court of Arbitration
Perm. Ct. Arb. 2002
- Written by Kyli Cotten, JD
Facts
The Bank for International Settlements (the bank) (defendant) adopted an amendment, Article 18A, to the bank’s statutes that allowed for the compulsory recall of certain privately held shares. The private shareholders (plaintiffs) brought a claim, arguing that the amendment and compulsory recall violated Article 58 of the bank’s statutes because the bank did not require Switzerland to approve the amendment via a law supplementing the bank’s charter.
Rule of Law
Issue
Holding and Reasoning (Per curiam)
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