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New York News
Tue November 20, 2012
Chevron says NY official abused shareholder power
Chevron Corp. has asked New York's ethics commission to investigate state Comptroller Thomas DiNapoli.
The energy giant claims that as trustee of the $150 billion state pension fund, he improperly pushed to settle an $18 billion Ecuadorean court claim for environmental damage in the Amazon rainforest.
San Ramon, Calif.-based Chevron says that the state fund owns more than $800 million in Chevron stock and that DiNapoli received more than $60,000 in campaign contributions from supporters of the plaintiffs in the Ecuadorean lawsuit. Chevron also says DiNapoli's office received offers of trips to Ecuador, political benefits and access to celebrities.
DiNapoli says the allegations are baseless. He has said he joined with 39 other big investors in May to urge Chevron to settle the legal fight.
The company says liability was settled by remediation and an old agreement with Ecuador.
© 2012 AP