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Resolute Forest Products files NAFTA notice of arbitration

Resolute Forest Products files NAFTA notice of arbitration

Resolute Forest Products Inc. announced the filing of a Notice of Arbitration under the North American Free Trade Agreement (NAFTA) with regards to measures taken by the former provincial NDP Government in Nova Scotia and the former Conservative Government of Canada in support of the Port Hawkesbury paper mill. Resolute contends those measures discriminated in favor of Port Hawkesbury and resulted, among other damages, in the closing of Resolute’s Laurentide mill in October 2014, depriving Resolute of its investment in that mill, and the value of other investments, in violation of the Company’s rights under NAFTA as a U.S. investor in Canada. The Company is seeking damages for direct losses of approximately $70 million, consequential damages, and additional costs and relief deemed just and appropriate by an arbitral tribunal. Under NAFTA and applicable principles of international law, Canada is responsible for Nova Scotia’s acts.

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