The oil giant Exxon Mobil has reached a settlement to pay out damages for its 1989 oil spill in Alaska. Exxon says it will pay out $380 million in damages and contest the remaining $70 million in court. An Alaskan jury had initially ruled Exxon should pay $5 billion in punitive damages for the accident that spilled 11 million gallons of crude oil into the fishing waters of Prince William Sound. Punitive damages were cut in half in 2006. But in June, the Supreme Court cut the amount of punitive damages again and ordered Exxon Mobil to pay just $500 million — one-tenth of the original jury’s ruling.