Novo Justice Blog by Colin Rule
“Those who favor international forums for settling disputes — where arbitrations are presided over by one arbitrator or a panel of three — say that such tribunals avoid local courts, which can tilt in favor of parochial interests.
“It’s a big improvement from historical gunboat diplomacy,” said Edna Sussman, an arbitrator and mediator with experience in more than 100 international and other arbitrations. She helped spearhead the opening of the New York International Arbitration Center in Manhattan to encourage holding such proceedings in the city.
Such “arbitration will definitely grow as international commerce grows,” she said, adding that some question whether secretive arbitration bodies should be deciding cases with billions of dollars on the line that can impinge on a government’s regulatory powers…”
In 2007, Nassim Nicholas Taleb, a finance professor and successful trader, wrote a book called The Black Swan. The phrase “Black Swan” is a metaphor for improbable and unanticipated events...By Kem Lowry, Peter Adler