Court Cuts Valdez Judgment Against Exxon (in half)

[The Straight Story]

Court Cuts Valdez Judgment Against Exxon

By DAVID KRAVETS


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SAN FRANCISCO (AP) -- A federal appeals court on Friday cut in half a $5 billion jury award for punitive damages against Exxon Mobil Corp. in the 1989 Valdez oil spill that smeared black goo across roughly 1,500 miles of Alaskan coastline.

The case, one of the nation's longest-running, non-criminal legal disputes, stems from a 1994 decision by an Anchorage jury to award the punitive damages to 34,000 fishermen and other Alaskans. Their property and livelihoods were harmed when the Valdez oil tanker struck a charted reef, spilled 11 million gallons of crude oil.

It's the third time the appeals court ordered the Anchorage court to reduce the $5 billion award, the nation's largest at the time, saying it was unconstitutionally excessive in light of U.S. Supreme Court precedent.

This time, in its 2-1 decision, the court ordered a specific amount in damages, while its previous rulings demanded a lower court to come up with its own figures.

http://hosted.ap.org/dynamic/stories/E/EXXON_VALDEZ?SITE=FLTAM&SECTION=HOME

[Selatius]

1. 2.5 billion divided by 34,000 minus LEGAL FEES equals how much left over???

[TwilightZone]

3. A $10 gas card

redeemable only at ExxonMobil stations.

[n2doc]

2. Activist Judge, indeed

NOW which side is ignoring the will of the people, freepers? I guess a jury judgement means nothing, at least as long as you are a rrich, well connected megacorporation. Makes me wanna :puke:

[Double T]

4. It ALSO helps to be a member of the bush-cheney energy policy cartel..........

where privilege and corruption reigns supreme.

[A Simple Game]

5. Come on now! Give 'em a break.

It's not like they are making record profits or something!

[GeorgeGist]

6. Excessive indeed ...

Exxon Net income up 75% to $9.92 billion for 3rd quarter 2006.