Ecuador Court Keeps Chevron Ruling But Slashes $19B Award
Law360, New York (November 13, 2013, 12:39 PM EST) -- Ecuador's high court on Tuesday upheld a highly contested verdict against Chevron Corp. for its alleged role in damaging the country's Amazon region through oil drilling operations, but slashed the damages from $19 billion to $9.5 billion.
Texaco Petroleum Co. allegedly dumped crude oil into the region over the course of a decadeslong oil drilling operation, causing residents to develop cancer and destroying natural resources. Chevron acquired Texaco's liability when it purchased the company in 2001, and an Ecuadorean court subsequently hit it with an unprecedented $19 billion judgment in the case, known as the Lago Agrio case after the region...
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