Chevron Units Can't Shake $19B Freeze On Argentine Assets

Law360, New York (January 30, 2013, 5:31 PM EST) -- An Argentine appeals court on Wednesday reportedly affirmed a $19 billion asset freeze that Ecuadorean plaintiffs had obtained against Chevron Corp. in their decades-long fight over Chevron unit Texaco Petroleum Co.'s pollution and alleged failed cleanup efforts at the Lago Agrio oil field.

The appeals court upheld the ruling to freeze $19 billion worth of Chevron’s assets in Argentina, denying two Chevron subsidiaries' November bid to shake off the hold, an attorney for the plaintiffs told Reuters on Wednesday.

"Chevron’s view of the situation remains unchanged; the precautionary embargo is unfounded and based on a judicial fraud in Ecuador," Chevron spokesman...

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