• 4 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 6 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 8 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 9 hours German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 11 hours Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 12 hours Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 1 day Oil Prices Rise After API Reports Major Crude Draw
  • 1 day Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 1 day Gazprom Speaks Out Against OPEC Production Cut Extension
  • 1 day Statoil Looks To Lighter Oil To Boost Profitability
  • 1 day Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 1 day Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 1 day Whitefish Energy Suspends Work In Puerto Rico
  • 1 day U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 2 days Thanksgiving Gas Prices At 3-Year High
  • 2 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 2 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 5 days Shell Oil Trading Head Steps Down After 29 Years
  • 5 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 5 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 5 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 5 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 6 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 6 days Rosneft Announces Completion Of World’s Longest Well
  • 6 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 6 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 7 days Santos Admits It Rejected $7.2B Takeover Bid
  • 7 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 7 days Africa’s Richest Woman Fired From Sonangol
  • 7 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 7 days Russian Hackers Target British Energy Industry
  • 7 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
Oil Survives Bearish Backlash

Oil Survives Bearish Backlash

Crude benchmarks posted steep losses…

Energy Majors Hit Hard By Climate Regulations

Energy Majors Hit Hard By Climate Regulations

Siemens and General Electric have…

Chevron Vindicated On $9.5B lawsuit by Ecuador… Again

Judge Hammer

A U.S. appeals court blocked on Monday the enforcement of a US$9.5-billion judgment against Chevron Corporation (NYSE:CVX), upholding a lower court ruling that had found that a pollution judgment against the U.S. oil major in Ecuador was the product of fraud and racketeering, and therefore, unenforceable in the U.S.

In March 2014, U.S. District Judge Lewis Kaplan ruled that the case against Chevron in an Ecuadorean court was the product of fraud and racketeering orchestrated by a New York lawyer, concluding that the judgment should not be enforced. Judge Kaplan said the case had been corrupted by American lawyer Steven Donziger and Ecuadorean lawyers, who allegedly submitted fraudulent evidence and coerced and bribed an Ecuadorean judge to rule in their favor in 2011.

The 2014 court ruling found Donziger to have violated the federal Racketeer Influence and Corrupt Organizations Act (RICO) in the lawsuit in Ecuador, committing money laundering, extortion, wire fraud, witness tampering, and obstruction of justice.

The ruling was appealed, but on Monday, the United States Court of Appeals for the Second Circuit upheld unanimously this verdict, thus awarding victory to Chevron, which is still being sued in several courts over water and soil pollution in Ecuador’s rainforest as Ecuador tries to take yet another bite at the apple.

Although Chevron has never operated in Ecuador, it bought in 2001 Texaco Petroleum (TexPet), which was a minority shareholder, together with Ecuador’s state-owned Petroecuador, in an oil-production consortium in Lago Agrio between 1964 and 1992. After returning its share to Petroecuador in 1992, Texaco remedied the areas and was fully released from further environmental liability, Chevron said in its statement on the latest court ruling.

The court saga started in 1993 when American lawyers sued over pollution, which they claimed affected around 30,000 indigenous villagers in Ecuador’s Lago Agrio region. A court in Ecuador initially ordered Chevron in 2011 to pay US$19 billion, but later halved the judgment. Chevron refused to pay and sued Donziger to challenge the award.

In May 2015, Brazil’s Deputy Prosecutor General also recommended that the Ecuadorian judgment not be recognized for enforcement.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News