Chevron Corp. (NYSE:CVX): Closing price $.119.50
The Ecuadorean government agency that oversees intellectual property, IEPI, has parked an embargo on 50 trademarks owned by Chevron Corp. Plaintiffs in a lawsuit against the oil major intended to auction off those trademarks, which include Texaco, Ursa, Havoline, Doro, Geotex, Meropa, Motex, Multgear, Regal, Taro, Texatherm and Thuban. IEPI head Andres Ycaza said on Friday that the ruling is in reaction to a request from Judge Wilfrido Erazo of the Sucumbios Court in the Amazonas region.
The decision means that revenues connected with the sale of products with these trademarks can not go to Chevron. Icaza did not rule out embargoing other Chevron trademarks in the future, should the judge asks for it. Spokesman James Craig for Chevron termed the move “a violation of international law.”