Ecuadoreans Seek Chevron's Brazilian Assets Over $18B Award

Law360, New York (June 27, 2012, 9:38 PM EDT) -- Ecuadorean villagers on Wednesday launched a lawsuit against Chevron Corp. in a Brazilian court seeking to seize the company's assets after Chevron refused to comply with an $18 billion judgment following a decades-old oil spill that the company claims was issued fraudulently.

The suit seeks to seize the oil company's assets in Brazil, where Chevron produces 33,000 barrels of crude oil and 13 million cubic feet of natural gas per day on average, in order to raise funds to remove toxins and oil sludge in the Amazon rainforest allegedly caused by Chevron predecessor Texaco Inc.

Because Brazil and Ecuador are signatories...

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