The Rising Influence of Rising Affluence

[DewDiligence]

Ecuador rules against CVX in environmental suit, but
everyone knows the case is a scam and CVX has no
assets in Ecuador anyhow. CVX is +1% today.

http://finance.yahoo.com/news/Illegitimate-Judgment-against-bw-1293513358.html?x=0&.v=1

›Illegitimate Judgment against Chevron in Ecuador Lawsuit

Monday February 14, 2011, 1:26 pm

SAN RAMON, Calif.--(BUSINESS WIRE)-- Chevron Corporation (NYSE:CVX) today announced there has been an adverse judgment from the Provincial Court of Justice of Sucumbíos in Lago Agrio, Ecuador in an environmental lawsuit involving Texaco Petroleum Company.

In response to the ruling, Chevron issued the following statement:

“The Ecuadorian court’s judgment is illegitimate and unenforceable. It is the product of fraud and is contrary to the legitimate scientific evidence. Chevron will appeal this decision in Ecuador and intends to see that justice prevails.

“United States and international tribunals already have taken steps to bar enforcement of the Ecuadorian ruling. Chevron does not believe that today’s judgment is enforceable in any court that observes the rule of law.

“Chevron intends to see that the perpetrators of this fraud are held accountable for their misconduct.”

More information can be found at http://www.chevron.com/ecuador .‹