June 30, 2008

Supreme Court Reduces Exxon Damages Judgment in Valdez Case

ARTICLE TOOLS        | E-MailPrint Subscribe

Send an e-mail to colleagues Please fill out the form below to send a link to this story to your colleagues.
Your Name:	Your E-mail:
Colleagues' E-mail (Separate each address with comma):
Message: (Max. 500 chars.)
Enter the verification code as it is shown below without spaces. (Not case-sensitive) Enter Code: What's this? Image Code Verification Automated programs can't "read" the code you see in the box: only humans can. When you enter this code, it ensures that your order is going to a real person. If you don't see an image, make sure your browser is set to display images and try again. If you're not sure what the code is, make your best guess. If you're incorrect, you'll get another chance to enter a different code on the next screen. Close
CANCEL

WASHINGTON, D.C. --- The U.S. Supreme Court on Wednesday, June 25, struck down a $2.5 billion punitive damages judgment against Exxon for its role in the 1989 Exxon Valdez oil spill off the coast of Alaska. 

The high court ruled that punitive damages should roughly equal actual damages from the accident, which totaled about $507 million, CNN reported.

After the accident, which spilled 11 million gallons of crude oil, a class-action suit against Exxon was filed by nearly 33,000 plaintiffs, including fishermen, property owners, local governments and Native Americans. A jury in 1994 awarded $5 billion in the case, but a federal court later cut that amount in half. The issue before the U.S. Supreme Court was whether the judgement was still too high, based on past precedents on punitive awards.

Today, the company is known as Exxon Mobil.

[ Request more info about this product/service/company ]

Request More Info Fill out the form below to request more info regarding the company/product/service featured in the story.
* Name:	Company:
* E-mail:	Phone:
Preferred contact method: EmailPhone
I would like info on the following:
Enter the verification code as it is shown below without spaces. (Not case-sensitive) Enter Code: What's this? Image Code Verification Automated programs can't "read" the code you see in the box: only humans can. When you enter this code, it ensures that your order is going to a real person. If you don't see an image, make sure your browser is set to display images and try again. If you're not sure what the code is, make your best guess. If you're incorrect, you'll get another chance to enter a different code on the next screen. Close
CANCEL