Chevron (CVX +0.8%) says the Second U.S. Circuit Court of Appeals has affirmed a lower court decision which found that the $9.5B judgment against the company in Ecuador is unenforceable in the U.S. and the product of fraud and racketeering activity.
The decision rejects efforts by lawyer Steven Donziger and representatives of residents of Ecuador's Lago Agrio region who sought to hold CVX responsible for water and soil contamination supposedly caused by Texaco, which CVX acquired in 2001.
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