Important arbitration settlement after sale of Swiss bank BSI

Lenz & Staehelin and Weil, Gotshal & Manges LLP (New York) successfully represented Brazilian investment bank BTG Pactual as claimant in arbitration proceedings against Italian insurance and asset management provider Assicurazioni Generali S.P.A. and its Dutch subsidiary. The dispute arose out of Generali's sale of Swiss private bank BSI to BTG Pactual in 2015. BTG Pactual initiated arbitration against Generali in 2016 after BSI had become the subject of regulatory sanctions in the context of the so-called 1MDB scandal. It has now been disclosed that the parties reached an amicable settlement under which Generali agreed to a cash payment to BTG Pactual in the amount of CHF 245 million.