No Arbitration Obligation For Ecuador In Chevron Suit

Law360, New York (October 7, 2008, 12:00 AM EDT) -- Chevron Corp. has lost its bid to convince an appeals court that Ecuador and its state-owned oil company are bound by a 1965 joint operating agreement and therefore liable for cleanup costs in the Amazon rainforest that could potentially total billions of dollars.

The U.S. Court of Appeals for the Second Circuit on Tuesday affirmed a lower court's decision barring Chevron from forcing PetroEcuador into arbitration in New York, where the company had hoped to become indemnified from a massive toxic torts case currently pending in...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.