Exxon Pays Out $383M, But More Litigation To Come

Law360, New York (August 27, 2008, 12:00 AM EDT) -- Exxon Mobil Corp. has paid about three-fourths of the $507.5 million punitive damages award it was hit with as part of a lawsuit related to the 1989 Exxon Valdez oil spill, but litigation will continue over both interest and a supercedes bond, according to a lawyer close to the case.

Dave Oesting, lead counsel for more than 32,000 fishermen, Alaska natives and other plaintiffs, said Wednesday that he reached an agreement with ExxonMobil last week in which the energy giant agreed to hand over $383.4 million....
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