Chevron says NY official abused shareholder power

Published November 20, 2012 8:45pm ET



ALBANY, N.Y. (AP) — Chevron Corp. asked New York’s ethics commission Tuesday to investigate state Comptroller Thomas DiNapoli, claiming he improperly pushed the energy giant to settle an $18 billion Ecuadorean court claim for environmental damage in the Amazon rainforest.

San Ramon, Calif.-based Chevron said that DiNapoli is sole trustee of the $150 billion state fund, which owns more than $800 million in Chevron stock, and that the comptroller violated duty by backing shareholder resolutions to settle the lawsuit and appoint an environmental specialist to the corporation’s board. The resolutions failed.

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