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Argentine Supreme Court Rejects $9.5 Bln Ecuadorian Judgment Against Chevron

Chevron Corp. (CVX) said Friday that the Supreme Court of Argentina rejected the plaintiffs' final bid to enforce a $9.5 billion Ecuadorian judgment against the company.

It is the latest in a string of legal victories in Chevron's global defense against the Ecuadorian judgment—found by U.S. courts to be the product of fraud, bribery, and corruption, and held unenforceable as a matter of international law by an international arbitral tribunal in The Hague, Chevron said.

On Thursday, the Supreme Court of Argentina dismissed the plaintiffs' appeal from the decision by the Court of Appeals in Buenos Aires of July 3, 2018, which affirmed the trial court's opinion and dismissed the Ecuadorian plaintiffs' action for lack of jurisdiction.

Decisions by courts and tribunals in the United States, Brazil, Canada, Gibraltar, The Hague, and now Argentina, confirmed that the Ecuadorian judgment should be unenforceable in any court that respects the rule of law, the company said.

Chevron stated that the Republic of Ecuador, a longstanding supporter of the litigation against Chevron, finally admitted in a public filing earlier this month that the $9.5 billion judgment issued by its courts against Chevron is "fraudulent."

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