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Chevron Vaults Hurdle to Arbitrate Ecuador 'Fraud'
Chevron can continue to seek relief in international arbitration against an $18.2 billion judgment that was entered against the company in Lago Agrio, Ecuador, the 2nd Circuit ruled Thursday. While the ruling marks an apparent victory for Chevron, the Ecuadoreans say that the decision has far-reaching implications that will ultimately work in their favor. Chevron appears ready to take its chances…With the dismissal of the Ecuadoreans' challenge, the oil company can continue its campaign to invalidate a lawsuit that seeks billions to remediate environmental devastation allegedly caused by Texaco during decades of oil drilling before it pulled up stakes and became a Chevron subsidiary in 2001.