Supreme Court Reduces Exxon Valdez Punitives to $500M

In a 5-3 ruling, the Supreme Court decided the Exxon Valdez [pdf] punitive damages case today. (Justice Alito did not participate in the decision).  The majority opinion was authored by Justice Souter.   The Court found the punitive damages award excessive as a "matter of federal maritime law," and imposed a 1:1 ratio between punitive damages and compensatory damages.  This holding reduced the punitive damages award to just over $500 million.   

- SBS