Aliens — Treatment — Discrimination — Right to establish and manage companies — Principle of equal treatment — Italy-United States Friendship, Commerce and Navigation Treaty, 1948 — Denial of justice — Whether established

Claims — Exhaustion of local remedies — Applicability of local remedies rule — Whether applicable to claim regarding alleged violation of Italy-United States Friendship, Commerce and Navigation Treaty, 1948 — Local remedies rule not mentioned in treaty — Whether local remedies rule excluded — Applicability of rule confined to claims of diplomatic protection — Whether claim for breach of treaty a claim regarding a direct wrong — Respondent State failing to mention duty to exhaust local remedies when claim first raised — Whether estopped from relying upon rule — Application of local remedies rule — Whether effective local remedies available

Claims — Nationality of claims — Companies — Locally incorporated subsidiary — Whether alleged wrong suffered by local subsidiary or shareholders

Expropriation — Definition — Taking of property — Italy-United States Friendship, Commerce and Navigation Treaty, 1948 — Definition of taking — Loss of right to manage company — Shareholders deprived of right to conduct orderly liquidation of company — Whether a taking of shareholders’ property — Ability of shareholders to conduct orderly liquidation — Whether shareholders suffering real losses — Nature of property — “Immovable property rights and interests therein”

International Court of Justice — Contentious jurisdiction — Basis of jurisdiction — Italy-United States Friendship, Commerce and Navigation Treaty, 1948 — Jurisdiction confined to interpretation and application of the treaty and its protocols — Admissibility of application

Nationality — Companies — Locally incorporated subsidiary — Whether possessing nationality of parent company for purpose of international claims

State responsibility — Acts of local authorities — Requisition of property — Failure to prevent occupation of factory by employees — Acts of judiciary — Denial of justice — Definition — Delay — Control of executive acts by courts — Whether finding that executive act contrary to municipal law necessarily implies that there has been a violation of international law

Treaties — Interpretation — Principles of interpretation — Authentic texts in more than one language — Vienna Convention on the Law of Treaties, 1969, Articles 31 and 32 — Italy-United States Friendship, Commerce and Navigation Treaty, 1948