(CNN) a judje in ecuador this week awarded $8.64 billion to ecuatorian residents of the amazon who had sued chevron for years of crude oil pollution, but both sides said tuesday they will appeal the verdict.
chevron charges the verdict against them is the "product of fraud," and the plaintiffs say the size of the award is too small in comparison to what would be needed to do a real cleanup.
luis yanza, speaking for the residents' group the assembly of those affected by chevron, said as a news conference that the ruling was "historic" and a "collective victory." howevwr he said, " eight billion dollar doesnt represent a significant amount of reoair the enviormental damages."
the judjement against chevron is the latest in 18 years of litigation between the amazon residents and texaco, wich was later purchased by chevron. it was decided in a courtroom in the amazon by judge nicolas zambriano.
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