Place the black beans and 9 cups of water in large stock pot. Cover and bring to a boil. Allow to boil for about two minutes. Then, remove from heat and let stand covered for 1 hour. Drain and rinse the beans well.
To the stock pot, add olive oil and heat until shimmering. Add the onions and peppers, sauteing until softened. Stir in the garlic.
Place the black beans, chicken stock, salt, pepper, oregano, cumin, and bay leaf in the pot with the vegetables. If the chicken stock is not enough to cover the beans, add water just until covered.
Bring to a boil over medium high heat. Reduce heat, cover, and simmer for about 2 hours or until the beans are tender.
Remove the bay leaf. Stir in the red wine vinegar and sugar and adjust salt and pepper if needed.
Serve over rice and with cheese, salsa, green onion, sour cream, or your choice of toppings.