1989 Exxon Valdez $5B Jury Award Cut In Half

Another 10 years and they'll be free and clear of this millstone around their neck and the lawyers will be rich. Never ceases to amaze.

SAN FRANCISCO (Dec. 22) - A federal appeals court on Friday cut in half a $5 billion jury award for punitive damages against Exxon Mobil Corp. in the 1989 Valdez oil spill that smeared black goo across roughly 1,500 miles of Alaskan coastline.

The case, one of the nation's longest-running, non-criminal legal disputes, stems from a 1994 decision by an Anchorage jury to award the punitive damages to 34,000 fishermen and other Alaskans. Their property and livelihoods were harmed when the Valdez oil tanker struck a charted reef, spilled 11 million gallons of crude oil.

It's the third time the appeals court ordered the Anchorage court to reduce the $5 billion award, the nation's largest at the time, saying it was unconstitutionally excessive in light of U.S. Supreme Court precedent.

This time, in its 2-1 decision, the court ordered a specific amount in damages, while its previous rulings demanded a lower court to come up with its own figures.
"It is time for this protracted litigation to end," the court said.


http://articles.news.aol.com/business/_a/appeals-court-cuts-5b-exxon-award-in/20061222130009990014?cid=2194

They will pay nothing. In fact, I have no doubt that in fifty years, Alaskans will owe Exxon damages for allowing their Bay to dilute the contents of Exxon Valdez.

that is the crime being committed here.

... they've only been able to have record 75% profits since the war started and quarterly profits of nearly $10 billion, the largest in US corporate history or ANY multinational corporation EVER.

If you look at 2004 contributions that the hurting company sent to different parties, you see just how tough they've had it as well:
Democrats: $396,283 (10.35%)
Republicans: $3,295,908 (86.11%)
Other: $135,400 (3.54%)

So, yeah, they've had it real tough. The fellas need a break, yunno.

:sarcasm:

http://www.knowmore.org/index.php/Exxonmobil#War_Profiteering

Because of free-market capitalism, the savings are sure to be passed onto us, the consumer.

(I don't know how to do that sarcasm thing, but I think it's implied)

I'm speechless. (For once)

^^Lower then the slime left in Alaskan bays^^