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17 May 2011

Robert Kropp, Social Funds.com

Chevron's Disclosures to Investors on Risks Associated with Ecuador are Questioned

...[A] new report finds discrepancies between Chevron's court statements and disclosures in its annual report...In February of this year, the Ecuadorian court found in favor of the plaintiffs, and awarded them damages totaling $18 billion, "one of the largest court judgments for environmental damage in history," according to [a recent] report...Chevron returned to the US...where it obtained a preliminary injunction preventing the plaintiffs from seeking enforcement of the Ecuadorian judgment...The report...focuses on the risk management practices of Chevron as they relate to potential damages to the company from the lawsuit. On the one hand, in a statement to the Second District Court, Chevron Deputy Comptroller Rex Mitchell asserted..."Defendants' campaign to seek seizures anywhere around the world and generate the maximum publicity for such acts would cause significant, irreparable damage to Chevron"...On the other hand, as the report points out, "Chevron has chosen to downplay the risk associated with the Ecuador litigation in its public filings and statements to shareholders...

Part of the following timelines

NGOs question Chevron's disclosures to investors on risks associated with Ecuador oil pollution judgment

Texaco/Chevron lawsuits (re Ecuador)