Appeals court says Exxon should pay only $25 million

BusinessDigest

Posted: Monday, August 25, 2003

DAL

LAS - A federal appeals court has again ordered a court in Alaska to reconsider a multibillion dollar punitive damages award against Exxon Mobil Corp. for the Exxon Valdez oil spill. Exxon Mobil, the world's largest publicly traded oil company, said Friday it should pay no more than $25 million in damages - a fraction of the original $5 billion award.

A jury in Alaska approved a $5 billion award to punish the company for spilling 11 million gallons of crude oil into Prince William Sound in 1989. The U.S. 9th Circuit Court of Appeals in San Francisco said the award was excessive and sent it back to U.S. District Judge Russel Holland in Anchorage. Holland reduced the award to $4 billion last year. Exxon Mobil appealed, saying the reduced figure was still too high.



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