Chevron (CVX -0.1%) wins an international arbitration ruling releasing it from collective environmental damage claims related to an ongoing class-action lawsuit over alleged oil pollution in Ecuador.
The case stems from an old dispute over environmental contamination in Ecuador allegedly produced by Texaco, which CVX bought in 2001; the plaintiffs in 2011 won a $19B judgement, which CVX considered fraudulent and refused to pay.
“It is now beyond question that efforts by American plaintiffs lawyers and the government of Ecuador to enforce this fraudulent judgment violate Ecuadorian, U.S., and international law,” CVX says.
Ecuador’s president is calling for a boycott against the “abusive, corrupt and polluting” company.
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