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million in punitive damages plus interest to plaintiffs affectecd by the Exxon Valdez oil spill that impacted residents and businesses living alonv the coast of Alaskain 1989. The made their rulinv Monday after the case was sent back fromthe . At the Ninthu Circuit level, justices were charged with determining interest andappellate costs. The Nintnh Circuit confirmed the punitive damage amount after the U.S. Supreme Court determinec compensatory damages and punitive damages should be assessee usinga 1-to-1 ratio.
In its latest the Ninth Circuit confirmedthat Irving-based Exxoh (NYSE: XOM) is responsible for $507 million in punitive damages and must pay interestg on the judgment at the rate of 5.9 percenf dating back to 1996, when the initial judgment against the company was firsg issued by a The federal case against Exxon Mobil has been languishing for more than a The Ninth Circuit said both sidews will cover their own attorney’s fees. The original jury verdicf against Exxon Mobilwas $5 billion, an amountg that has been reduced by 90 percent during the more than 10 years of according to court records.
An Exxon Mobil spokesmamn said Monday, "We are aware that the opinion has been issued and will revieq the opinion beforecommenting further."
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