WASHINGTON (CNN) — The Supreme Court has reduced a $2.5 billion punitive damages award against energy giant Exxon for its role in an infamous 1989 maritime oil spill.
The Exxon Valdez disaster – The Daily Nightly – msnbc.com
Exxon still owes for Valdez spill
Mar 13, 2006 … Fishery scientists estimate that less than 10 percent of the oil was actually … *Estimate by Exxon Valdez Oil Spill Trustee Council …
Image: Exxon Valdez oil spill The Alaskans say Exxon is legally ….. The companies will just have to pay in advance for the harm they cause now. …
The high court concluded, 8-0, that punitive damages should roughly match actual damages from the environmental disaster, which were roughly $507 million. Justice Samuel Alito took no part in the case because he owns Exxon stock.
Contingent Valuation and Lost Passive Use: Damages from the Exxon …
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The court ruled that victims of the worst oil spill in U.S. history may collect punitive damages from Exxon Mobil Corp (XOM, Fortune 500)., but not as much as a federal appeals court determined.
Exxon asked the high court to reject the punitive damages judgment, saying it already has spent $3.4 billion in response to the accident that fouled 1,200 miles of Alaska coastline.
A jury decided Exxon should pay $5 billion in punitive damages. A federal appeals court cut that verdict in half.
Exxon has fought vigorously to reduce or erase the punitive damages verdict by a jury in Alaska in 1994 for the Exxon Valdez accident on March 24, 1989 that spilled 11 million gallons of oil into Prince William Sound, one of the largest oil spills in U.S. history. The environmental disaster led to the deaths of hundreds of thousands of seabirds and marine animals.
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Nearly 33,000 Alaskans are in line to share in the award, about Acheter Cialis $15,000 a person. They would have collected $75,000 each under the $2.5 billion judgment.
cialis kaufen onlineThe Associated Press contributed to this report.
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