High Court Cuts $2B From Exxon Valdez Damages

Law360, New York (June 25, 2008, 12:00 AM EDT) -- The U.S. Supreme Court has upheld an award of punitive damages against Exxon Mobil Corp. related to 1989's Exxon Valdez oil spill, but radically reduced the damages from $2.5 billion to just $507.5 million, or the amount equal to the compensatory damages in the case.

In a 5-3 decision Wednesday, in which Justice Samuel A. Alito Jr. took no part, the high court found that a 1-to-1 ratio of compensatory to punitive damages was appropriate in the case, in which more than 32,000 fishermen and Alaska...
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