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   Exxon Valdez $2.5 billion oil spill ruling overturned

NEWS INFORMATION

Parent

Parent

News Date

6/25/2008 12:40 pm

Author

Media

Reuters

Category

Legal Ruling

Database Record

Entered 6/25/2008, Updated 6/25/2008

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The U.S. Supreme Court on Wednesday threw out the record $2.5 billion in punitive damages that Exxon Mobil Corp had been ordered to pay for the 1989 Exxon Valdez oil spill off Alaska, the nation's worst tanker spill. By a 5-3 vote, the high court ruled that the punitive damages award should be slashed -- limited by the circumstances of the case to an amount equal to the total relevant compensatory damages of $507.5 million. The justices overturned a ruling by a U.S. Court of Appeals that had awarded the record punitive damages to about 32,000 commercial fishermen, Alaska natives, property owners and others harmed by the nation's worst tanker spill. It took Exxon Mobil just under two days to bring in $2.5 billion in revenue during the first quarter of 2007.


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