Chevron Proxy Fight Heats Up Over $27B Ecuador Suit

Law360, New York (April 8, 2009, 12:00 AM EDT) -- A proxy fight between Chevron Corp. and certain shareholders is heating up over the company's potential exposure to an environmental lawsuit in Ecuador seeking $27.3 billion in damages.

In December, the state pension funds of New York City and New York State – which together own more than $1 billion of Chevron stock – told the company that they would submit a proposal at this year's annual shareholder meeting requesting a report “on the policies and procedures that guide Chevron’s assessment of host country laws and...
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