Judge Lifts Order in Chevron Suit
SAN FRANCISCO — In a defeat for Chevron Corp., a federal judge on Wednesday lifted a temporary order that prevented Pennzoil Co. from filing lawsuits in any jurisdiction other than federal court in San Francisco.
U.S. District Judge Thelton Henderson ruled that there was insufficient evidence to believe that Pennzoil would file lawsuits in a number of courts as a prelude to an attempt to take over Chevron.
Chevron was fearful of a possible takeover attempt in the wake of Pennzoil’s purchase of $2.1 billion in Chevron stock, an 8.8% stake in the firm.
Chevron expressed concern that Pennzoil would file multiple court actions, creating a tangle of lawsuits and potentially inconsistent decisions.
Chevron filed suit Dec. 7 arguing that Pennzoil lied on Securities and Exchange Commission disclosures about its takeover intentions toward Chevron in violation of the Hart-Scott Antitrust Act of 1976.
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