Investors Urge Chevron CEO To Settle $18B Rain Forest Suit

Law360, New York (May 29, 2012, 5:40 PM EDT) -- Just days ahead of its annual shareholder meeting, a group of Chevron Corp. investors pressed the company in a letter released Tuesday to settle an $18 billion lawsuit over contaminated water dumped in the Ecuadorian rain forest more than two decades ago.

Forty investors controlling about $580 billion in assets urged Chevron CEO John Watson to settle the case, which was brought in 1993 by several indigenous groups who claim they were harmed when Texaco Inc., which Chevron bought in 2001, polluted their groundwater in the 1970s and 80s.

Ecuadorean courts slapped Chevron with an $18 billion fine last year, but...

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