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Exxon Valdez Oil Spill Settlement: Exxon to pay $507.5 million
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by alia_d | June 15, 2009 at 12:41 pm
2143 views | 19 Recommendations | 5 comments
On June 15 2009, Exxon Mobil Corp was ordered to pay $507.5 million in punitive damages for the Exxon Valedez Oil Spill that occurred off the coast of Alaska in 1989. The $507.5 million settlement is only "a fraction of the $5 billion in punitive damages originally awarded to fisherman, Alaska natives, business owners and other litigants by a jury" in1994.
After the 1994 court ruling requiring a settlement of $5 billion, Exxon launched a series of appeals. At a trial in 2006, the jury agreed to cut the settlement in half to $2.5 billion. In June 2008, Justice David Souter ruled that punitive damages cannot exceed the approximately $500 million Exxon has already paid to victims of the oil spill and their families.
Interestingly, the $507.5 million settlement only amounts to about 1/5 of the $2.5 billion cost of cleaning up the oil spill, which flooded the alaska coastline with 10.8 billion gallons of oil and is known as one of the most destructive man-made environmental disasters in history.
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Recommendations (19)
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Most RecentMost Recommended Comments (5)
at 17:52 on June 15th, 2009
Hello this is once again just another bite from us who have lived in the effects of this life atlerating event. Todate I a commercial fisherman have never seen a red sent from exxon, a company who has done every step to avoid its responcibilities. I no longer fish as i cant afford to if I wish to eat. I am now homeless and well to put this straight Exxon is a company that needs to be band from doing any business in the United states let alone Alaska, they should be stricken of all their holdings in this State and well if their employees lose their jobs and way of life come join me in my tent and we will calmly discuss how it was employees of exxon that ignored true facts and safty protocall as astablished when they allowed their fellow employee the drunk hazelwood to continue in his position.
It's about time we really do some thing for the good of all us who used to make a liveing from the sea and take these rapiests and string them up. I dont exspect Exxon will ever pay me a red cent for the life they took from me but then again who am I just a joe living on the streets.
at 19:35 on June 15th, 2009
This is a joke and an insult for the environment and all the victims.
at 16:06 on June 17th, 2009
It's been 20 years since the Exon Valdez rode into that reef and infamy . Since then I have
watched my father-in-law die of lung cancer . My mother-in law succumb to congestive
heart failure . Two of the main people in our family part of that lawsuit . Today we are told
Exonn is to pay 507 million dollars and settle . Americans this is a true travesty of justice in
America. How many other lawsuits went to the Supreme Court in less time that this has
been fought out ? Even after the Supreme Court it was still dragged out.
What have we all learned from this ?? If you are large oil company who continued to rake
in billions upon billions of dollars you can get away with anything as long as you have the
cash. Investors continuing even today are blessed with very large dividends.
In Alaska its a different story . Fishermen died , lost their lifestyle of harvesting fish ,
marriages ended , and suicides . Isn't it time they finally accept responsibility for ALL
the destruction they have done ? Not just the bays inlets forever changed , fisheries
damaged , but also the lives gone and fishermen who paid Exonn's price . It's time to have
Exonn's reviews ended and they pay it up . Thank you for your time .
May you never be subjected to anything like this .
at 20:20 on July 1st, 2009
Its been a long wait, im glad it is over. EXXON SUCKS!!!!!!!!!!!
at 21:25 on July 10th, 2009
What happened to the Compensatory settlement? I haven't heard anything about that. I understood that it was to be paid out before the Punitive Damage award was paid. And what happened to all the money that was to be paid out for the Punitive Damage? Exxon keeps saying , all that money that has already been paid out to the victims. Where is it?