Despite the fact that it happened twenty years ago, Exxon is still paying significant sums of money in damages for the Exxon Valdez oil spill that devastated the coast of Alaska, both ecologically and economically. Over $480 million in punitive interest penalties and $70 million in court fees will be paid by the oil giant.
 
This number stands in addition to the $507.5 million that Exxon has already paid in punitive damage awards to those affected by the spill. The decision to pay this amount was made by the 9th Circuit Court of Appeals in response to a successful Exxon appeal …read more

As part of a flurry of activity at the close of the Court’s calendar, the Supreme Court, in a 5-3 decision, ruled last week to reduce the damages payable by Exxon Mobile in connection with the 1989 oil spill in Alaska. The judgement was reduced from $2.5 billion to $500 million, effectively eliminating the punitive damages awarded by the lower court(s).
This particular case involved the damages associated with maritime liability – and Justice Souter, in his opinion for the majority, stated that a 1:1 ratio (awarding damages only for actual damages) was an appropriate limit so to eliminate “unpredictable” …read more