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Wednesday, June 22, 2016

U.S Supreme Court Rejects Ecuador Appeal Of Chevron Award #Chevron

U.S Supreme Court Rejects Ecuador Appeal Of Chevron Award #Chevron - Video

Chevron Ecuador news with a twist. The U.S. Supreme Court refused to hear Ecuador's appeal of the DC Circuit 2006 decision to award Chevron $106 million in damages stemming from long neglected lawsuits that go back to the 1990s. Texaco was in oil production partnership with Ecuador and in 1973 had a deal where the nation got low market rate oil for domestic use. By the end of the Tex-Pet corporate partnership Texaco found they Ecuador used far more than the oil they contracted for. Texaco sued and Ecuador ignored the lawsuits Then Chevron bought Texaco and this issue. In 2006 it sued and won in the DC Circuit. Ecuador was trying to claim that because it had an agreement with Tecaco and not Chevron it had no contract. The DC Circuit disagreed. Ten years later in refusing to hear the appeal the US Supreme Court upheld the DC Circuit.


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