Wednesday, June 25, 2008
SCOTUS Reduces Exxon Oil Spill Punitive Damages to Match Compensatory Damages
Article on cnn.com -- High court reduces Exxon oil spill damages. Here's an excerpt:
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 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.
The court ruled that victims of the worst oil spill in U.S. history may collect punitive damages from Exxon Mobil Corp, but not as much as a federal appeals court determined.