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

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.20%4.30%
15 yr fixed3.28%3.30%
5/1 ARM3.53%3.34%
30 yr refi4.18%4.27%
15 yr refi3.26%3.27%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 16,548.41 -14.89 -0.09%
Nasdaq 4,381.37 11.60 0.27%
S&P 500 1,933.00 2.33 0.12%
Treasuries 2.54 -0.02 -0.70%
Data as of 9:56am ET
Company Price Change % Change
Bank of America Corp... 15.34 0.10 0.62%
Apple Inc 95.12 -0.48 -0.50%
General Electric Co 25.05 -0.10 -0.41%
Facebook Inc 73.05 0.40 0.55%
Procter & Gamble Co 80.21 2.89 3.74%
Data as of 9:41am ET

Sections

Malaysia Airlines was in major trouble even before the twin disasters of Flight 370 and Flight 17 claimed the lives of 537 people. More

The U.S. economy added 209,000 jobs in July. But that's lower than the number of jobs added In June ... and it was not as strong as what economists expected. More

LinkedIn shares surged in after-hours trading Thursday following strong second-quarter earnings, following the likes of Facebook and Twitter. More

Terrell White has had a profit-sharing plan for his employees since 1981, believing that if the staff isn't happy, guests won't be either. More

Get paid to go on vacation, receive a couple of bonus weeks at the end of the year or take as much time as you need. Such vacation policies are more than a dream at some small, niche -- and often tech-based -- companies. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.