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Supreme Court Could Reduce Exxon Valdez Punitive Damages
The U.S. Supreme Court appeared Wednesday to be inclined to reduced a huge punitive damage award to victims of the Exxon Valdez disaster.
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(February 27, 2008)--The U.S. Supreme Court seemed inclined Wednesday to reduce a $2.5 billion punitive damage award to victims of the Exxon Valdez disaster.
Several justices indicated they think the amount approved by a federal appeals court is too high.
However, there appeared to be no consensus about how much Irving-based Exxon Mobil should have to pay for the 1989 accident.
The Exxon Valdez was a 987-foot tanker that ran aground on a reef and dumped 11 million gallons of oil into Alaskan waters.
Justices Anthony Kennedy and David Souter suggested that perhaps a reasonable number would be twice the amount of money the company has paid to compensate victims for economic losses.
That would be about one billion dollars.
Overall, Exxon has paid $3.4 billion in fines, penalties, cleanup costs, claims and other expenses resulting from the worst oil spill in U.S. history.
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