Chevron Says Argentine Appeals Court Rejects Ecuadorian Judgment
05 Luglio 2018 - 6:12PM
Dow Jones News
By Colin Kellaher
Chevron Corp. (CVX) on Thursday said an appeals court in
Argentina has rejected an attempt to enforce a $9.5 billion
Ecuadorian judgment against the company, the latest win for the oil
giant in a legal dispute that has lasted decades.
Chevron said a three-judge panel from the Chamber of Appeals in
Buenos Aires unanimously dismissed the action for lack of
jurisdiction, concluding that Chevron has no legal presence or
assets in Argentina and that the judgment can't be enforced against
Chevron Argentina SRL and other indirect local units because they
are separate legal entities with no connection to the case.
The legal saga began in 1993, when a group of Ecuadorean
plaintiffs sued Texaco Inc., arguing that Texaco's oil drilling
caused pollution that sickened villagers in the Amazon rain forest.
Chevron inherited the lawsuit when it acquired Texaco in 2001.
A court in Ecuador awarded a $19 billion judgment--later scaled
back to $9.5 billion--to the plaintiffs. However, a U.S. district
judge in 2014 found that judgment was obtained through fraud and
corruption, a finding that was later upheld by a federal appeals
court in Manhattan.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 05, 2018 11:57 ET (15:57 GMT)
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