Exxon told to pay interest on Alaska spill award

[Old Coot]

Source: Associated Press

ANCHORAGE, Alaska – Exxon Mobil Corp. was ordered Monday to pay about $500 million in interest on punitive damages for the Exxon Valdez oil spill off Alaska, nearly doubling the payout to Alaska Natives, fishermen, business owners and others harmed by the 1989 disaster.

The ruling was issued by the 9th U.S. Circuit Court of Appeals in San Francisco.

In June 2008, the U.S. Supreme Court set punitive damages at $507.5 million. But two months later, the high court declined to decide whether Exxon Mobil must pay interest on the punitive damages awarded in the nation's worst oil spill and instead sent it back to the appeals court.

Monday's decision would double the average payout of about $15,000 for the nearly 33,000 claimants.

Read more: http://news.yahoo.com/s/ap/20090615/ap_on_bi_ge/us_exxo...

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I thought this was over and done with years ago. Justice can take a while.

[ck4829]

1. Yeah, they can actually put those record profits to good use

K&R

[Haole Girl]

2. Good

Though, for many who made their living from fishing, it is too little and too, too late.

[MichiganVote]

3. Prolly want a bail out.

[AnOhioan]

4. No amount of money can rectify the damage...but this helps a bit

[lindisfarne]

5. $5 billion at first - and gradually cut down to 10% of that. The power of the big corporations.

Exxon's "mistake" cost 1000s their way of life - fish populations wiped out for years and some have never recovered.

"Plaintiffs originally were awarded $5 billion, but that amount was cut in subsequent appeals by Irving, Texas-based Exxon.

A jury decided in 1994 that Exxon should pay $5 billion in punitive damages. In 2006, a federal appeals court cut that verdict in half.

The Supreme Court last June slashed the $2.5 billion punitive damages award to $507.5 million."

[gratuitous]

6. Over and done with? Naaah.

ExxonMobil hasn't paid the first dime on any of these judgments. This is just another order that they will appeal and appeal and appeal. The popular ground is (get this) "due process."

[mbperrin]

9. If they've paid a dime by 2029, I'll be amazed. Time is on the side of the

moneyed in the courts. Corporations don't die, but people do. Eventually, the whole thing will have to be dropped because all the plaintiffs are dead.

And just when the courts were on the verge of doin' somethin', I bet.

[thelordofhell]

7. Looks like Exxon has learned it's lesson

They'll never completely destroy an entire eco-sytem again.

[Wabbajack_]

8. Justice can take a while?

20 fucking years? Holy crap.

[Tempest]

10. What justice?

The court said Exxon wasn't responsible to pay the state for the damage they caused.

This is a pittance compared to the amount of damage the wreck caused, and continues to cause.

[jtrockville]

11. I haven't bought a drop of Exxon gas since the Valdez spill

I know my personal boycott doesn't hurt their bottom line, and I know most other companies are evil in their own way too (I follow the Sierra Club's recommendation), but it gives me some sense of retribution to boycott them.

They are bastards. We should remember Valdez when people start chanting "drill baby drill". Greg Palast's commentary should be recited each and every time anyone considers allowing the oil companies to plunder more of our precious property:
http://www.gregpalast.com/court-rewards-exxon-for-valde... /

[lindisfarne]

12. I know what you mean. I won't buy Hormel products; that does hurt their bottom line, but I also

understand your position! (You can hurt their bottom line by choosing to use your car less - and you can gain by getting more exercise).

[Raster]

13. exxon has spent millions upon millions to avoid having to compensate anyone.