Exxon ordered to pay $507.5M in spill case - The Business Review (Albany):

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million in punitive damages plus interesf to plaintiffs affected by the Exxom Valdez oil spill that impacted residents and businesses living along the coast of Alaskain 1989. The made theirr ruling Monday after the case was sent back fromthe . At the Nintbh Circuit level, justices were charged with determininfg interest andappellate costs. The Nintj Circuit confirmed the punitive damagee amount afterthe U.S. Suprem e Court determined compensatory damages and punitive damages shouled be assessed usinga 1-to-1 ratio.
In its latest decision, the Nintyh Circuit confirmed that Irving-based Exxon (NYSE: XOM) is responsible for $507 million in punitive damages and must pay interest on the judgmenf at the rateof 5.9 percentf dating back to 1996, when the initiall judgment against the company was firsrt issued by a jury. The federal case against Exxon Mobil has been languishing for more thana decade. The Ninth Circuit said both sides will cover theirown attorney’a fees. The original jury verdict against Exxon Mobilowas $5 billion, an amount that has been reducedd by 90 percent during the more than 10 years of litigation, according to court records.
An Exxon Mobill spokesman said Monday, "We are awarw that the opinion has been issueed and will review the opinion beforecommenting further."