Crooked $27B Suit Violates Trade Treaty: Chevron

Law360, New York (September 23, 2009, 7:52 PM EDT) -- Citing corruption in the Ecuadorean court where Chevron Corp. is battling a high-profile environmental suit, the oil giant has filed for an arbitration proceeding under a 1997 trade treaty that would short-circuit the $27 billion pollution claims.

Chevron filed its notice of arbitration Wednesday at the Permanent Court of Arbitration in The Hague under the Rules of the United Nations Commission on International Trade, contending that litigation in the allegedly rigged Ecuadorean court is preempted by previous agreements.

The so-called Lago Agrio litigation, which seeks to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.