The Lago Agrio Plaintiffs Complain To The SEC

In my post of April 18, I noted that the Lago Agrio plaintiffs had released a report written by Graham Erion, a Canadian lawyer, opining that Chevron had violated the securities laws by failing to make the necessary disclosures to investors regarding the Lago Agrio case. I guessed that “the plaintiffs, via a sympathetic shareholder, may be lobbying the SEC to take regulatory action.”

Prediction confirmed! On May 9, the Unitarian Universalist Association, Zevin Asset Management, and Newground Social Investment, each apparently a Chevron shareholder, asked the SEC and FINRA to investigate “evidence that [Chevron] is violating securities laws by repeatedly making misrepresentations and material omissions regarding its adverse judgment in Ecuador of $18.1 billion for despoiling the environment.”

The SEC’s investigatory process is basically confidential, so I suspect there won’t be any real news about this for some time.

2 responses to “The Lago Agrio Plaintiffs Complain To The SEC”

  1. […] Janice D. SchakowskyI’ve previously noted the Lago Agrio plaintiffs’ efforts to exert pressure on Chevron by seeking an SEC […]

  2. […] me pause on the sec­ond mes­sage for a moment. I’ve pre­vi­ous­ly report­ed on ear­li­er vari­a­tions on the theme. But I have to say I don’t get it. Noth­ing we are […]

Leave a Reply

Your email address will not be published. Required fields are marked *

Thank you for commenting! By submitting a comment, you agree that we can retain your name, your email address, your IP address, and the text of your comment, in order to publish your name and comment on Letters Blogatory, to allow our antispam software to operate, and to ensure compliance with our rules against impersonating other commenters.