$9.5B Ecuador judgment against Chevron was fraudulent, tribunal says

|About: Chevron Corporation (CVX)|By:, SA News Editor

Chevron (CVX -0.4%) says an international tribunal in The Hague unanimously ruled that the $9.5B judgment issued against the company in 2011 by an Ecuadorian court over pollution was tainted by "fraud, bribery and corruption" and was based on claims that already were settled and released by the government.

U.S. lawyer Steven Donziger won an $18B judgment in 2011, representing villagers who blamed environmental contamination during 1964-92 on Texaco, which CVX bought in 2001; the award later was reduced to $9.5B, and Donziger was suspended last year from practicing law in New York by a state appeals court.

CVX, which has said it never had any assets in Ecuador, has successfully fought efforts to enforce the judgment in Argentina, Brazil, Canada and the U.S.

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