Chevron to fight multi-billion Ecuador ruling

By Aaron Smith, staff writer

NEW YORK (CNNMoney) -- Chevron has vowed to fight a multi-billion dollar judgment from an Ecuadorian court accusing the oil company of polluting the Amazon rainforest.

"The Ecuadorian court's judgment is illegitimate and unenforceable," said Chevron, in a press release Monday. "It is the product of fraud and is contrary to the legitimate scientific evidence."

Chevron (CVX, Fortune 500) said it will appeal the decision "and intends to see that justice prevails."

But the organization Amazon Watch believes that justice already has prevailed.

Amazon Watch praised the court in Lago Agrio for ruling in favor of Ecuadorians from the Amazon region "who have spent the last 18 years seeking damages for crude oil pollution."

"Today's ruling in Ecuador against Chevron proves overwhelmingly that the oil giant is responsible for billions of gallons of highly toxic waste sludge deliberately dumped into local streams and rivers, which thousands depend on for drinking, bathing and fishing," said Amazon Watch, in a press release.

The organization said that Chevron "inherited the suit" upon purchasing Texaco in 2001.

The amount of damages varies in different news reports, but is the range of $8 billion to $9 billion. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed4.36%4.28%
15 yr fixed3.79%3.71%
5/1 ARM4.24%4.11%
30 yr refi4.33%4.26%
15 yr refi3.76%3.69%
Rate data provided
View rates in your area
Find personalized rates:
Index Last Change % Change
Dow 24,187.85 -494.46 -2.00%
Nasdaq 7,196.12 -149.16 -2.03%
S&P 500 2,662.33 -49.60 -1.83%
Treasuries 2.81 -0.10 -3.41%
Data as of 11:42am ET
Company Price Change % Change
Bank of America Corp... 30.85 -1.02 -3.20%
Facebook Inc 165.83 -3.56 -2.10%
Micron Technology In... 58.76 -2.31 -3.79%
Comcast Corp 33.50 -0.99 -2.86%
Advanced Micro Devic... 10.94 -0.32 -2.89%
Data as of 11:27am ET