LITIGATION: Last Stand For Texaco

Last Stand For Texaco

The document had only six lines of print, but for Texaco its price may run into the billions. The Texas Supreme Court refused to review a $10.5 billion judgment against the third largest U.S. oil firm. Now Texaco's only avenue of escape is the U.S. Supreme Court.

Texaco has sought relief in the courts ever since a Texas jury ordered the company to pay the fine to Pennzoil in 1985. The jury held that Texaco had illegally enticed Getty Oil to break a merger agreement with Pennzoil. Last April, facing a deadline to post bond for the judgment, Texaco became the...