SEC Should Probe Chevron Over $18B Ruling, House Rep. Says

Law360, New York (June 11, 2012, 5:24 PM EDT) -- House Energy & Commerce Committee member Rep. Jan Schakowsky, D-Ill., on Wednesday asked U.S. securities regulators to investigate Chevron Corp. for allegedly failing to fully inform the public about the risks associated with an $18.1 billion oil spill judgment in Ecuador against the company.

Schakowsky requested that the U.S. Securities and Exchange Commission review a recent report by a securities lawyer who represents the Ecuadorian plaintiffs. The attorney accused the company of misleading shareholders over the matter. Schakowsky is asking to determine whether the company violated U.S. securities laws.

“Our nation's 'truth in investment laws' are critical to investors and shareholders,...

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