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Value Investing in Emerging Markets Replies |
rffrydr
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Joined: 30 Oct 2005
Posts: 16939
Location: Sunny California
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 Posted: Tue Mar 16, 2010 7:14 pm Post subject: |
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Leave it Big Oil to push against this kind of arbitrariness that's become its own theme:
Habeas corporation
Published: March 16 2010 14:54 | Last updated: March 16 2010 20:37
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Asked why he robbed banks, Willie Sutton famously explained: “Because that’s where the money is.” American attorneys working on a contingency basis have long embraced similar logic when suing corporations on their clients’ behalf. But even in the hyperlitigious US, companies are able to defend themselves against frivolous claims. That is not always the case in the developing world, which is why multinationals are cheering a recent US legal ruling.
Chevron, the oil company, made what legal experts consider a successful pre-emptive strike against the Ecuadorean government, blocking a stay of international arbitration in a $27bn local pollution damage lawsuit originally brought in 1993. In order to encourage foreign investment, thousands of bilateral investment agreements allow for cases to be tried locally but international arbitration becomes more likely if multinationals can demonstrate a denial of justice. |
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