Chevron to Continue Fight Against Ecuador Court (CVX)
In a court battle that has been going on for nearly 20 years, an Ecuadorian court has ruled that Chevron Corp. (NYSE: CVX) must pay nearly $18 billion in actual and punitive damages related to operations of Texaco prior to…
In a court battle that has been going on for nearly 20 years, an Ecuadorian court has ruled that Chevron Corp. (NYSE: CVX) must pay nearly $18 billion in actual and punitive damages related to operations of Texaco prior to Chevron’s merger with Texaco in 2001. Chevron currently has no assets in Ecuador.
The company issued a statement last night claiming that “Chevron does not believe that the Ecuador ruling is enforceable in any court that observes the rule of law.” The company has filed for arbitration with the international tribunal in The Hague and is also involved in an action in US District Court claiming that the Ecuadorian judgment is the result of corruption and fraud.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
