Date: August 20, 2003
Source: News Room
A federal judge in Alaska will take another look at the $4 billion punitive damages awarded from the 1989 Exxon Valdez oil tanker spill. The U.S. District Court judge will look at the case again in the wake of a recent U.S. Supreme Court case, Campbell v State Farm, which limited punitive damages. The original punitive damages award against tanker operator ExxonMobil (NYSE: XOM), was $5 billion, but that was reduced to $4 billion last year. Exxon officials plan to argue that in light of the State Farm case, damages should be less than $40 million. The company has said it paid out $300 million voluntarily to more than 11,000 Alaskans and businesses affected by the 11-million gallon spill from the Valdez, which was the worst from a tanker in U.S. waters.
More information: www.exxonmobil.com.
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