Unocal Hid Congo Profits In Shell Corp., 9th Circ. Hears
By Daniel Siegal
Law360, Los Angeles (February 10, 2014, 11:06 PM ET) -- Gas company Unocal Corp. on Monday urged the Ninth Circuit to toss a hedge fund’s suit seeking to collect on oil concessions a Unocal subsidiary paid to the Democratic Republic of Congo, saying the foreign assets can’t be executed on in U.S. courts.
Unocal, a subsidiary of Chevron Corp. since 2005, asked a three-judge panel to overturn a California federal judge’s denial of its motion to dismiss distressed debt fund FG Hemisphere Associates LLC’s lawsuit in California federal court. FG Hemisphere, which purchased DRC debt, had...