By: Bob McCarty
Bob McCarty Writes
After publishing more than three-dozen posts since April 22, 2009, about the $113 billion environmental lawsuit against Chevron in Ecuador, I can finally report good news for truth, justice and the American way: An international arbitration tribunal has awarded Chevron Corporation and Texaco Petroleum Company $96 million in a claim against Ecuador related to past oil operations by Texaco Petroleum, which is now a Chevron subsidiary.
Below is the text of the entire news release about this legal victory, courtesy of Chevron [Note: Click on any of the graphics I’ve sprinkled in the news release below to read some of my best pieces about this case]:
An international arbitration tribunal has awarded Chevron Corporation and Texaco Petroleum Company $96 million in a claim against Ecuador related to past oil operations by Texaco Petroleum, which is now a Chevron subsidiary. The tribunal, administered by the Permanent Court of Arbitration in The Hague, found that Ecuador’s courts violated international law through their significant delays in ruling on certain commercial disputes between Texaco Petroleum and the Ecuadorian government. The final award also takes into account taxes, compound interest, and costs associated with the preliminary award announced in March 2010.
