Exxon ordered to pay $6.75bn
 |
The Exxon Valdez spill in 1989 killed thousands of birds in Alaska.
Story Tools
YOUR E-MAIL ALERTS
|
Follow the news that matters to you. Create your own alert to be notified on topics you're interested in.
Or, visit Popular Alerts for suggestions.
|
|
NEW YORK (Reuters) -- A U.S. federal judge has ordered Exxon Mobil Corp. to pay $4.5 billion in punitive damages plus $2.25 billion in interest because of the 1989 Exxon Valdez oil tanker spill, the lead plaintiff's attorney says.
The figure is higher than the amount previously awarded.
Texas-based Exxon Mobil, the world's largest publicly traded oil company, is expected to appeal the ruling, according to David Oesting, the lead plaintiff attorney in Anchorage.
Exxon Mobil was not immediately available for comment.
A U.S. appeals court in August ordered U.S. District Court Judge Russell Holland in Anchorage to review a $4 billion punitive damages award in light of a recent Supreme Court ruling where punitive damages were limited.
The original punitive damages award against Exxon Mobil was $5 billion but that was later reduced to $4 billion. It has now been increased by Judge Holland to $4.5 billion.
Exxon Mobil has said it paid out $300 million voluntarily to more than 11,000 Alaskans and businesses affected by the 11 million gallon spill from the Valdez, the worst from a tanker in U.S. waters.
It spread oil to more than 1,000 miles of coastline, killed thousands of sea mammals and birds and caused what government scientists say are lingering damages to a variety of marine species.
Shares of Exxon Mobil finished 38 cents, or nearly 1 percent, lower at $40.81 on Wednesday.
Copyright 2004
Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
