Ecuador Judges Thwart Chevron's Bid To Avoid $18 Billion Judgment
Ecuador Judges Thwart Chevron's Bid To Avoid $18 Billion Judgment
By Pierre Bertrand | March 30, 2012 5:06 PM GMT
Chevron Corp. (NYSE: CVX), the second largest U.S. oil company, lost its fourth attempt to avoid paying $18 billion in environmental fines for polluting tracts of the Amazon.
The case stems from a decade's worth of lawsuits which alleged Texaco, now a Chevron subsidiary, failed to clean up large swaths of the Amazon jungle in Ecuador.
A three-judge panel in Ecuador Wednesday struck down Chevron's latest request that enforcement of the judgment against it be blocked.
"This latest decision yet again confirms what we have been saying for years," said Pablo Fajardo, the lead Ecuadorian lawyer. "Chevron is guilty of extraordinary greed that has created a humanitarian crisis in Ecuador that puts thousands of people at risk."
More:
http://www.ibtimes.co.uk/articles/322028/20120330/chevron-ecuadore-amazon-pollution-law-case-judgment.htm
