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January 25, 2016

International Court Rules In Favor of Chevron, Against Ecuador

The District Court of The Hague ruled in favor of Chevron by rejecting Ecuador’s attempts to “nullify arbitral rulings handed down against the country in connection” with a $9.5 billion judgement against Chevron.

The ruling noted that the arbitration tribunal convened under the U.S.-Ecuador Bilateral Investment Treaty handed down an interim ruling against Ecuador in 2013. It also noted that Ecuador had violated international law by “finalizing and failing to prevent enforcement of 2011 and 2012” verdicts against Chevron handed down by Ecuadorian courts.

“Today’s decision reinforces the integrity of the arbitral proceedings and ensures that Ecuador will be held accountable for violations of its international commitments,” said Chevron.

Read the full story here.

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