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SEC Complaint Lodged Against Chevron for Hiding $10 Billion Liability in Ecuador
April 11th, 2008
The Securities and Exchange Commission (SEC) has been urged to impose a "substantial" sanction on Chevron for misrepresentations to shareholders over a potential $10 billion liability resulting from a class-action environmental lawsuit in the Ecuadorian Amazon. In a letter to SEC Chairman Christopher Cox, environmental group Amazon Watch said Chevron had told shareholders a "series of falsifications, exaggerations, omissions, and misleading public statements" to downplay its liability in a lawsuit brought by thousands of rainforest residents over what experts say is the worst oil-related disaster on the planet. The full text of the letter can be seen on...
Source: Health Business Week (2008-04-11)
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