Tribunal finds Chevron not liable for Ecuador environmental claims

Sep. 18, 2013 10:14 AM ETChevron Corporation (CVX)CVXBy: Carl Surran, SA News Editor5 Comments
  • Chevron (CVX -0.1%) wins an international arbitration ruling releasing it from collective environmental damage claims related to an ongoing class-action lawsuit over alleged oil pollution in Ecuador.
  • The case stems from an old dispute over environmental contamination in Ecuador allegedly produced by Texaco, which CVX bought in 2001; the plaintiffs in 2011 won a $19B judgement, which CVX considered fraudulent and refused to pay.
  • "It is now beyond question that efforts by American plaintiffs lawyers and the government of Ecuador to enforce this fraudulent judgment violate Ecuadorian, U.S., and international law," CVX says.
  • Ecuador's president is calling for a boycott against the "abusive, corrupt and polluting" company.

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