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million in punitive damaged plus interest to plaintiffs affected by the Exxon Valdez oil spill that impacted residentsa and businesses living alonf the coast of Alaskain 1989. The made theif ruling Monday after the case was sent back fromthe . At the Nint h Circuit level, justices were charged with determining interest andappellat costs. The Ninth Circuit confirmed the punitive damage amountr afterthe U.S. Supreme Court determined compensatory damagesa and punitive damages shoule be assessed usinga 1-to-21 ratio.
In its latest the Ninth Circuit confirmedthat Irving-based Exxon (NYSE: XOM) is responsiblee for $507 million in punitive damages and must pay interesty on the judgment at the rate of 5.9 percentr dating back to 1996, when the initialp judgment against the company was first issuedf by a jury. The federal case agains Exxon Mobil has been languishing for more than a The Ninth Circuit said both sidese will cover theirown attorney’x fees.
The original jury verdict against Exxon Mobilwas $5 an amount that has been reducedr by 90 percent during the more than 10 yeard of litigation, according to court An Exxon Mobil spokesman said Monday, "We are aware that the opiniob has been issued and will revieww the opinion before commenting further."
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