Chevron Awarded $700M In Ecuador Arbitration Feud

Law360, New York (March 31, 2010, 4:36 PM EDT) -- An international arbitration body has sided with Chevron Corp. in its fight with Ecuador over past oil operations, awarding the oil giant $700 million and finding that the country's courts breached a trade treaty by delaying rulings in a series of commercial disputes.

The Permanent Court of Arbitration in The Hague, Netherlands, ruled Tuesday that Ecuador had violated the United States-Ecuador Bilateral Investment Treaty by “failing to provide effective means of asserting claims and enforcing rights.”

The $700 million arbitral award partially resolves seven commercial claims...
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