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SEC Complaint Lodged Against Chevron for Hiding $10 Billion Liability in Ecuador

The Securities and Exchange Commission (SEC) was today urged to impose a “substantial” sanction on Chevron for misrepresenting facts to shareholders over a potential $10 billion liability resulting from a class-action environmental lawsuit in Ecuador’s Amazon region….“Chevron misleads its shareholders by claiming in public that it has no liability in Ecuador, while in private it claims to face an enormous liability,” said Atossa Soltani, Amazon Watch executive director. “Which is it? The SEC must ensure that Chevron tells the truth about its liabilities in public as well as in private discussions.”

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Texaco/Chevron lawsuits (re Ecuador)

Amazon Watch urges fines for Chevron in USA - says company misrepresents potential liability in Ecuador lawsuit