AP and Reuters are reporting that an Ecuadorian judge has ruled against Chevron in an environmental suit brought against the San Ramon-based oil and gas giant. Both report that a lawyer for the plaintiffs put the damages that the company was ordered to pay at $8 billion.
Chevron said in a statement that “The Ecuadorian court’s judgment is illegitimate and unenforceable. It is the product of fraud and is contrary to the legitimate scientific evidence. Chevron will appeal this decision in Ecuador and intends to see that justice prevails.”
Perhaps the market feels the same way. Shares finished up just over one percent.
For the two sides of the story, here are Chevron's Ecuador page and a site called "ChevronToxico," which aims to rebut the company's defense in the long-running dispute.
You can read a short history of the case at Wikipedia.