Chevron and Ecuador Lawsuit
The decision by a U.S. judge to allow Chevron Corp (NYSE:CVX) to seek arbitration in a case related to Texaco allegedly polluting a portion of the Amazon jungle they were working in. Texaco was acquired by Chevron in 2001, making Chevron a part of the case now.
Chevron has said the government of Ecuador has interfered in the case and broken the U.S.-Ecuador Bilateral Investment Treaty by not forcing a court in Sucumbus province dismiss the case.
Chevron is seeking international arbitration at this time, which is what the judge ruled in favor of.
Ecuador appealed the ruling which could mount to $27 billion in liability for the company if it is ruled against before it's all over. The case has been ongoing since 1993.
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