Business Services Industry
Late News; ExxonMobil to appeal revised punitive award.
Business Insurance, February, 2004
ExxonMobil Corp. will appeal a federal judge's decision to increase punitive damages levied against the oil company in connection with the 1989 Exxon Valdez oil spill off Alaska. U.S. District Court Judge H. Russel Holland increased a punitive damage award imposed on ExxonMobil to $4.5 billion plus interest from a $4.0 billion award levied by the U.S.
District Court for Alaska in Anchorage in 2003. An appeals court had vacated the $4 billion punitive damage award, remanding it to the district court in light of the U.S. Supreme Court's decision in State Farm vs. Campbell, which said that punitive damages awards could be so disproportionate to compensatory damages that they violate due process. Moody's says insurers' reserves improving The property/casualty...
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