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Supreme Court Slashes Exxon Valdez Oil Spill Fine to One-Tenth of Original $5 Billion Ruling

Supreme Court Slashes Exxon Valdez Oil Spill Fine to One-Tenth of Original $5 Billion Ruling

The Supreme Court handed corporate America a major victory this week when it sharply reduced the amount of money Exxon Mobil has to pay in punitive damages for the 1989 Exxon Valdez oil spill in Alaska. An Alaskan jury had initially ruled Exxon should pay $5 billion in punitive damages, but in 2006 the 9th US Circuit Court cut the award of punitive damages in half. On Wednesday, the Supreme Court cut the amount of punitive damages again and ordered Exxon Mobil to pay just $500 million in punitive damages — one-tenth of the original jury’s ruling. [includes rush transcript]

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