Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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 fixed3.97%4.14%
15 yr fixed3.05%3.13%
5/1 ARM3.06%3.24%
30 yr refi4.09%4.22%
15 yr refi3.16%3.21%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,745.05 -6.34 -0.04%
Nasdaq 5,122.58 10.85 0.21%
S&P 500 2,107.07 -1.50 -0.07%
Treasuries 2.27 -0.01 -0.39%
Data as of 12:33pm ET
Company Price Change % Change
Facebook Inc 94.17 -2.82 -2.91%
Bank of America Corp... 18.16 0.00 0.00%
Ford Motor Co 15.05 -0.16 -1.05%
Apple Inc 122.31 -0.68 -0.55%
Whole Foods Market I... 36.14 -4.68 -11.46%
Data as of 12:18pm ET
Sponsors

Sections

The company's sales have taken a hit since New York City found it was overcharging customers for some products. Whole Foods is actually cutting prices though. But it can't shake its bad reputation. More

Aclima, a startup that makes environmental sensors, is hitching a ride with Google's cars to provide everyone with data about the air they breathe. More

Fast-food chains that operate in more than 30 locations nationwide are the sole target of a new rule in New York to hike their minimum wage to $15. But consumers and small business owners, as well as some employees, may be the ones to pay the price. More

You can't blame it on the economy anymore. More Millennials now have jobs, but are still living at home. More