Ecuador lost its bid to have the Supreme Court revive its challenge to a $96 million international arbitration award-$106 million with interest-in favor of energy giant Chevron Inc. (Ecuador v. Chevron Corp., 2016 BL 179029, U.S., No. 15-1088, cert, denied 6/6/16). The Supreme Court declined to hear the appeal, leaving in place a lower court's order confirming the award, which concerned a deal to develop oil fields in the Amazon region, according to the high court's June 6 order. The U.S. Court of Appeals for the District of Columbia Circuit held that U.S. investors could bring arbitration claims against Ecuador even for disputes that began before the two countries' bilateral investment treaty (BIT).
展开▼
