Tag Archives: Chevron
Lawyer says judge embargoes Chevron assets in Argentina over Ecuadorean oil spill
Associated Press
Nov. 7, 2012
BUENOS AIRES, Argentina — An Argentine judge embargoed Chevron Corp.’s assets in Argentina to carry out an Ecuadorean court order that awarded $19 billion to plaintiffs in an environmental damage lawsuit in the Amazon, a lawyer said Wednesday.
Judge Adrian Elcuj Miranda ordered the freezing of Chevron’s assets in Argentina as plaintiffs try to collect the judgment won in Ecuador last year, Argentine lawyer Enrique Bruchou told reporters in a conference call.
The order states that all the cash flows from sales and bank deposits be frozen until the $19 billion is collected, Bruchou said. The order applies to 100 percent of Chevron’s capital stock in Argentina, 100 percent of its dividends and its entire minority stake in Oleoductos del Valle. It also includes 40 percent of any current or future money that Chevron Argentina holds as well as 40 percent of all its crude sales.
Bruchou said the decision in the largest environmental suit in the world should send a strong message to foreign investors that they must apply the same environmental standards wherever they do business. Similar lawsuits have been filed this year in Canada and Brazil.
Court Orders First Handover of Chevron’s Ecuador Assets
ENS
Oct. 17, 2012
QUITO, Ecuador, October 17, 2012 (ENS) – An Ecuadorian court has frozen are all bank accounts owned by Chevron, Texaco, and their subsidiaries in partial payment of a $19 billion pollution damages judgment against Chevron.
Indigenous people and villagers living in the Ecuadorian Amazon were granted a court order this week that allows them to collect $200 million of Chevron’s assets in the country.
“This is a huge first step for the rainforest villagers on the road to collecting the entire $19 billion judgment,” said Pablo Fajardo, the lead lawyer for the plaintiffs.
Fajardo said the assets would be used to begin a cleanup of the ecological disaster left by Texaco, consistent with the mandates laid out by the Ecuador trial court.
Chevron fails to block $18 billion Ecuador judgment
Reuters
Oct. 9, 2012
(Reuters) – Chevron Corp on Tuesday lost a U.S. Supreme Court bid to block an $18.2 billion judgment against it in Ecuador in a case over pollution in the Amazon jungle.
The Supreme Court did not give any explanation for its decision, which rejected Chevron’s appeal of a lower court ruling. The lower court in January had thrown out an injunction blocking enforcement of the Ecuadorean judgment.
The decision is the latest in a nearly two-decade conflict between the No. 2 U.S. oil company and residents of Ecuador’s Lago Agrio region over claims that Texaco, bought by Chevron in 2001, contaminated the area from 1964 to 1992. The battle has spawned litigation in numerous courts both inside and outside the United States.
