U.S. judge declines to halt $18B fine against Chevron

A federal judge in New York has refused, for now, to halt collection of an $18 billion court judgment against the energy giant Chevron for environmental damage in an Ecuadorean rain forest.

Courts in Ecuador have ordered Chevron (CVX) to pay the steep penalty for pollution that occurred when Texaco was operating in the forest, between 1972 and 1990. Texaco became a Chevron subsidiary in 2001.

The company has argued that the court action in Ecuador is a fraud and wants a U.S. court to block collection.

Judge Lewis Kaplan on Friday said it was too early for him to intervene.

Read Full Article from USA TODAY

- Posted: 2012-01-06 14:45:15

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