Ala. Won't Touch Ruling, Letting Exxon Off $3.5B Hook

Law360, New York (December 11, 2007, 12:00 AM EST) -- The state of Alabama has said it won't challenge a ruling from the state supreme court, which reversed a jury's 2003 decision to make Exxon Mobil Corp. pay $3.5 billion in punitive damages in a dispute over royalties on offshore natural gas wells.

Alabama Governor Bob Riley consulted with attorneys and came to the conclusion that seeking a rehearing of the Supreme Court of Alabama's 8-1 decision from Nov. 1 would be futile, Robert Cunningham, who represented Alabama in its suit against Exxon, said Tuesday evening....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.