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More funders of the Chevron Shakedown bail out

Hot Air - Jazz Shaw 05/05/2015

It’s time to check back in on the attempts by New York attorney Steven Donziger and his environmental activist friends to shake down energy giant Chevron for billions of dollars. Unfortunately for Steve, the news continues to be bad without exception. Having been exposed as a racketeer under the auspices of RICO, the various groups who had invested money in the litigation in exchange for a percentage of the expected shakedown money continue to bail out. The latest is the British group Woodsford Litigation Funding Limited.

Chevron Corporation (CVX) has reached a settlement agreement with Woodsford Litigation Funding Limited, a U.K.-based litigation funder that provided $2.5 million in funding to the fraudulent lawsuit against Chevron in Ecuador. Chevron brought conspiracy claims against Woodsford in Gibraltar for the company’s role in funding and advancing the fraudulent lawsuit. In the settlement Woodsford has resolved those claims by withdrawing all financial support related to the Ecuador litigation and assigning all of its interest in the litigation to Chevron. Chevron, in turn, has agreed to release all of its claims against Woodsford and Woodsford’s Gibraltar-based funding entity, Temeraire Limited.

Even though Donziger is still being invited to speak at Ivy League institutions, his list of allies in the shakedown grows thin. It will come as no surprise to anyone if other large energy producers take notice of Chevron’s success and begin duplicating their tactics.

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