NEW YORK (AP) -- Chevron Corp. continues to be dogged by a court battle over environmental damages in the Ecuadorean rainforest.
A court in Ecuador handed down an $18 billion judgment against the company, and a federal appeals court in New York said this week that a U.S. District Judge cannot block plaintiffs from collecting the money.
The judgment is meant to repay years of damages from oil fields run by Texaco. Chevron, which inherited the dispute when it bought Texaco in 2001, says it will bring the fight to other courts.
Company Chairman and CEO John Watson was asked about the appeals court ruling during a conference call Friday with analysts.
QUESTION: Could you talk about Ecuador and what your plans are?
WATSON: I think it's generally acknowledged that this case is a product of fraud. This is collaboration between corrupt plaintiff lawyers in the U.S. and a corrupt judiciary in Ecuador. Nonetheless, we're moving it through the judicial system.... It's unfortunate that we're at this point, but when you have an elaborate fraud that's being perpetrated against you, that's what you have to do.
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