Wednesday, June 2, 2010

1989 EXXON Valdez Oil Spill

Litigation was filed on behalf of 38,000 litigants. In 1994, 5 years after the oil spill, a jury awarded plaintiffs $287 million in compensatory damages and $5 billion in punitive damages. Exxon appealed and the Ninth Circuit court reduced the punitive damages to US $2.5 billion. Exxon then appealed the punitive damages to the Supreme Court which capped the damages to $507.5 million in June, 2008. On August 27, 2008, Exxon Mobil agreed to pay 75% of the $507.5 million damages ruling to settle the 1989 Exxon Valdez oil spill off Alaska. In June 2009, a federal ruling ordered Exxon to pay an additional $480 million in interest on their delayed punitive damage awards.

According to the National Oceanic and Atmospheric Administration, there are approximately 98 m³ (26,000 gallons) of Valdez crude oil still in Alaska's sand and soil.

As of June 2009, 20 years since the oil spill, no payment of punitive damages by XOM.

source: Litigation section
http://en.wikipedia.org/wiki/Exxon_Valdez

How do you think the BP oil spill will be handled?

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