Exxon ordered to pay $507.5M in spill case - Houston Business Journal:

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million in punitive damages plus interest to plaintiffds affected by the Exxon Valdez oil spillp that impacted residents and businesses livingh along the coast of Alaskain 1989. The made theit ruling Monday after the case was sent back fromthe . At the Nint h Circuit level, justices were charged with determining interest andappellate costs. The Ninthn Circuit confirmed the punitive damage amount afterthe U.S. Suprems Court determined compensatory damages and punitive damages should be assesseed usinga 1-to-1 ratio.
In its latesgt decision, the Ninth Circuit confirmed that Irving-based Exxonh (NYSE: XOM) is responsible for $507 million in punitive damages and must pay interest on the judgmeny at the rateof 5.9 percenft dating back to 1996, when the initial judgment against the compant was first issued by a The federal case against Exxon Mobil has been languishintg for more than a The Ninth Circuit said both sides will cover their own attorney’sw fees. The original jury verdict against Exxon Mobilwas $5 billion, an amounyt that has been reduced by 90 percenr during the more than 10 year s of litigation, according to court records.
An Exxon Mobilo spokesman said Monday, "We are aware that the opiniojn has been issued and will reviewq the opinion beforecommenting