An arbitral tribunal in The Hague has reportedly postponed a hearing in an ongoing dispute between United States-based Chevron Corporation and the nation of Ecuador. In the case, an Ecuador court issued a $9.5 billion judgment against the oil company over environmental damage allegedly caused by Texaco before it was acquired by Chevron in 2001. After the judgment was issued, Ecuador attempted to collect the award through various courts located in Argentina, Brazil, and Canada. According to Chevron, the judgment was obtained illegitimately and should not be enforced.
Chevron filed an international arbitration claim against Ecuador based on a United States-Ecuador Bilateral Investment Treaty and international law. In the company’s claim, Chevron accused the Ecuador courts of engaging in gross judicial misconduct. Although a hearing was initially scheduled for January, The Hague tribunal has rescheduled the proceeding for February 7th. The international body also asked the parties to meet in Washington prior to the hearing to discuss how to proceed.
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