U.S. court rejects Ecuador challenge to $96 mln Chevron award

[Zorro]

Source: Reuters

A U.S. appeals court on Tuesday rejected Ecuador's challenge to a $96 million international arbitration award in favor of energy giant Chevron Corp, marking the latest twist in a decades-long dispute over the development of oil fields in the South American country.

The dispute stemmed from a 1973 deal that called for Texaco Petroleum Co, later acquired by Chevron, to develop oil fields in exchange for selling oil to the Ecuadorean government at below-market rates. Texaco filed several lawsuits in the 1990s accusing Ecuador of violating the contract.

The District of Columbia U.S. Circuit Court of Appeals upheld a 2011 award from The Hague's Permanent Court of Arbitration in the Netherlands.

Calls for comment to a lawyer for Ecuador and the Ecuadorean embassy in Washington were not immediately returned.

Read more: http://finance.yahoo.com/news/u-court-rejects-ecuador-challenge-163321628.html

[djean111]

1. Isn't polluting other countries (and our own) a time-honored and cash-rewarded American

way of doing business? This will be ramped up with the new trade agreements. Corporate profits are globally king.

[davidpdx]

2. Fortunately they'll never receive a dime

I'm really broken up about it too.