Law360, New York (June 14, 2016, 4:34 PM EDT) -- The U.S. Supreme Court's decision last week to not consider Ecuador's challenge to a $96 million arbitration award issued to Chevron Corp. is just one element of a much larger dispute that has spanned three continents and proceeded over decades.
The high court's decision leaves in place a D.C. Circuit decision finding that the South American nation owed Chevron $96 million following a dispute stemming from a 1973 agreement with Chevron subsidiary Texaco Petroleum Co., which Chevron acquired in 2001, under which TexPet agreed to develop Ecuadorean oil fields in exchange for providing below-market oil to the country for domestic use....
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