Wednesday, June 25, 2008
Irving-based Exxon Mobil gets monetary reprieve from U.S. Supreme Court
Can you believe this story is still being written, 19 years after the oil spill?
Irving-based Exxon Mobil dodged the biggest part of a monetary bullet today (June 25) when it was announced that the Supreme Court - following the lead of Justice David Souter - reduced the damages portion of the award settlement from $2.5 billion to $507.5 million.
In his argument, Souter cited maritime case law history which indicates that punitive damages rarely exceed compensatory ones - and the compensatory damages in the case of the Exxon Valdez spill amounted to the $507.5 mil figure (as awarded by a trial judge in the case).
According to the cited story, $507 million equates to 12 hours of sales for the corporate oil giant.
posted by JM
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zainypagan, says:
And oil companies wonder why the general public does not trust them? This is why!
Anonymous
1 year, 5 months agoLink to this comment | Suggest removal