Tag Archives: Ecuador

Lago Agrio: Update On The Arbitral Award

As I suggested a few days ago, the Lago Agrio plaintiffs have trumpeted their intention to seek to compel the government of Ecuador to pay the $100+ million arbitral award in favor of Chevron, which is now final, to the LAPs rather than to Chevron. I am still trying to determine what happened to the Ecuadoran court’s order requiring the government to pay the funds to the LAPs—I believe the order was appealed by the government. But let’s assume that the order is in effect as a matter of Ecuadoran law, and consider how this might play out.
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Case of the Day: Ecuador v. Dassum

The case of the day, Republic of Ecuador v. Dassum (Fla. Dist. Ct. App. 2014), has nothing whatever to do with the Lago Agrio litigation. Roberto Isaias Dassum and William Isaias Dassum were indirect shareholders of Filanbanco, an Ecuadoran bank that failed in 2001. Under the law that created the Agencia de Garantia de Depositos—Ecuador’s version of the Federal Deposit Insurance Corporation—the Isaias brothers were jointly and severally liable for the depositors’ losses. Ecuador’s government also determined that the Isaises had “drained the bank’s funds through fraudulent misconduct,” and in 2003, it issued warrants for their arrest. By then the Isaises were living in Miami. (The brothers deny wrongdoing and have set up a website to plead their case).
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