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Pension Funds Fret as Chevron Faces Ecuador Ruling http://apocadocs.com/s.pl?1239214523
Big public pension funds are raising concerns about an impending court judgment that could hold Chevron Corp. liable for billions of dollars in alleged environmental damages in the Ecuadorian jungle.
The funds, which together hold $1 billion in Chevron shares, are worried that the oil giant could face as much as $27 billion in damages in the 15-year-old class-action case, which was filed by a U.S. law firm on behalf of thousands of indigenous Ecuadorians.
The lawsuit, being tried in the Amazonian town of Lago Agrio, alleges that Texaco polluted waterways and wells across a vast area of Ecuador by dumping billions of gallons of oil waste into leaky pits during 20 years of operations there. Chevron acquired Texaco in 2001 for about $30 billion.
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[Read more stories about:
contamination, corporate malfeasance, rights of nature]
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Your Quips:
Vivian says: "The Ecuadorians, however, remain behind -- even with $27billion."
Sense says: "Pension funds: you're all about the future, right? So push *for* this, not against it."
Gawdfly says: "@sense: actually, if everyone dies sooner, pension funds score big, just like life insurance."
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'Doc Jim says:
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Bought it for 30 billion bucks... settlement could be 27 billion bucks... they still come out ahead!
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