Permanent Court Of Arbitration Finds Ecuador Violated Interim Awards

Permanent Court Of Arbitration Finds Ecuador Violated Interim Awards

THE HAGUE, Netherlands - A tribunal for the Permanent Court of Arbitration (PCA) on Feb. 7 issued an award in a treaty dispute filed by Chevron Corp. and Texaco Petroleum Corp., finding that the Republic of Ecuador violated two previous awards issued by the tribunal when it failed to prevent the enforcement of a $19 billion Ecuadorian court judgment against Chevron (Chevron Corporation, et al. v. The Republic of Ecuador, No. 2009-23, PCA; See February 2012, page 4).

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