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21 Feb 2012

Jessica M. Karmasek, Legal Newsline

Ecuadorian court rejects Chevron's request for bond waiver

A three-judge appellate panel in Ecuador ruled Friday that Chevron Corp.'s request for a special bond waiver has no basis in Ecuadorian law. In a ruling last month, a panel of three temporary judges in the Provincial Court of Justice…upheld the $18 billion judgment against the company for its alleged contamination of the country's rain forest…The appellate court has the discretion to set a bond before sending the case to the National Court of Justice. However, the company must request the bond as a way to suspend enforcement of the judgment pending further appeal…Instead of requesting the bond, the company requested an unprecedented waiver of the bond requirement...In its…decision, the appellate court said seeking a bond is "the only established legal mechanism to give litigants in Ecuador the opportunity to suspend execution of a judgment." [also refers to Texaco (part of Chevron)]

Part of the following timelines

International arbitration panel reinforces order against Ecuador to suspend enforcement of damages award against Chevron in oil pollution lawsuit

Texaco/Chevron lawsuits (re Ecuador)