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Ecuadorian panel again squashes Chevron motion to block judgment

Author: Jessica M. Karmasek, Legal Newsline, Published on: 2 April 2012

A three-judge appellate panel has…denied - for the fourth time - a motion by block the Republic of Ecuador from enforcing an $18 billion judgment against the company…[T]he Ecuadorian panel ruled that the oil giant was not entitled to use an order from an international arbitration tribunal…[T]he panel has found that the company, by refusing to post a bond, was not entitled under Ecuador law to suspend enforcement of the judgment [saying] "…the failure of Chevron to avoid execution of the judgment is the direct and exclusive result of its failure to utilize the legal mechanism available" to post a bond…The panel…also ruled that the rainforest communities are not a party to the arbitration and…not subject to its orders…Chevron is pursuing an appeal to Ecuador's National Court of Justice…similar to the Supreme Court in the U.S.…The National Court of Justice has yet to decide if it will take the case...

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Related companies: Chevron Texaco (part of Chevron)