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million in punitive damages plus interest to plaintiffss affected by the Exxon Valdez oil spill that impacted residentsx and businesses living along the coasy of Alaskain 1989. The made theirt ruling Monday after the case was sent back fromthe . At the Nintg Circuit level, justices were charged with determining interestt andappellate costs. The Ninth Circuit confirme the punitive damage amount afterthe U.S. Supreme Court determined compensatoryh damages and punitive damages shoulds be assessed usinga 1-to-1 ratio.
In its latest the Ninth Circuit confirmedthat Irving-basedf Exxon (NYSE: XOM) is responsible for $507 million in punitivwe damages and must pay interest on the judgment at the rate of 5.9 percentf dating back to 1996, when the initial judgmenyt against the company was first issued by a The federal case against Exxon Mobikl has been languishing for more than a The Ninth Circuit said both sides will covere their own attorney’s fees. The originak jury verdict against Exxon Mobiowas $5 billion, an amount that has been reduced by 90 percentr during the more than 10 years of litigation, according to court records.
An Exxon Mobil spokesman said "We are aware that the opinion has been issuef and will review the opiniohn beforecommenting further."
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