$18 Billion Ecuadorian Lawsuit Dominates Chevron Shareholder Meeting Chevron confronted with mismanaged multibillion-dollar liability; Major institutional shareholders urge settlement http://amazonwatch.org/news/2011/0525-18-billion-ecuadorian-lawsuit-dominates-chevron-shareholder-meeting

In the wake of a landmark legal victory against Chevron in an Ecuadorian court just three months ago, a delegation of three indigenous and community leaders from the rainforest region in Ecuador ravaged by Chevron subsidiary Texaco joined leaders from communities harmed by Chevron's operations around the globe to demand that Chevron take responsibility for its abuses. "I want to remind you that our fight in Ecuador is for life and for justice," said Humberto Piaguaje,

a Secoya leader speaking on behalf of 30,000 Ecuadorians who face a severe public health crisis due to widespread oil contamination of their rainforest home. "You and your company have declared you will fight us until 'hell freezes over.' You must own up to your responsibility to my people in Ecuador. How will you respond?"At the same time, major institutional investors urged Chevron to resolve the protracted and costly litigation.

New York State Comptroller Thomas DiNapoli, administrator of New York's $140 billion public pension fund – the country's 3rd largest – told the company, "it's time to face reality." "The entire case is looming like a hammer over shareholders' heads. Chevron should start fresh with a new approach that embraces environmental responsibility and risk management as part of its corporate culture. More legal proceedings will only delay the inevitable," Dinapoli continued.