The US Supreme Court on June 6 declined to hear an appeal by the government of Ecuador of a $96 million arbitration settlement awarded to Chevron oil company. The high court let stand a 2015 decision by the US Court of Appeals for the District of Columbia Circuit, upholding the 2013 award in Chevron's favor issued by The Hague's Permanent Court of Arbitration in the Netherlands. Texaco, which was acquired by Chevron in 2001, originally brought suit in Ecuador for breaking terms of oil contracts and international agreements. Chevron initiated the arbitration proceeding at The Hague in 2006, seeking to hold Ecuador's government liable for damages from pollution of the rainforest. Chevron claimed Ecuador violated provisions of a 1997 investment treaty by failing to resolve lawsuits in a timely fashion. With interest, the arbitration award stands at approximately $106 million, Chevron said. Other Chevron cases related to matter before The Hague panel remain pending. (AP, Reuters, OilPrice, June 6; Chevron press release, Aug. 31, 2011)
