Development: On 2 November a World Bank tribunal ordered Ecuador to pay US$1.06bn plus interest in compensation to the US oil company Occidental Petroleum (Oxy) for an assets seizure dating to 2006. Significance: Ecuador had appealed to the World Bank tribunal over a case taken by Oxy to the International Centre for Settlement of Investment Disputes (ICSID) over the seizure in 2006 of its assets. The ICSID in 2012 said the seizure was “tantamount to expropriation” and ordered compensation totalling US$2.3bn. Ecuador appealed, questioning the ICSID’s jurisdiction over the case. The tribunal has now reduced the award by more than…