Business Services Industry
Federal Appeals Court Overturns $4 Billion Ruling against Exxon.
Knight Ridder/Tribune Business News, August, 2003
By Terry Maxon, The Dallas Morning News Knight Ridder/Tribune Business News
Aug. 23--A U.S. appeals court has overturned a $4 billion punitive award against Exxon Mobil Corp. related to the 1989 Exxon Valdez oil spill, and told an Alaska federal district court to reconsider the damages, Exxon said Friday.
The decision shows that U.S. courts are paying attention to the U.S. Supreme Court's orders to rein in extremely large damage awards, attorneys said Friday.
"I don't think there's any doubt that this Supreme Court is intending to put serious limits on punitive damages," said Thomas M. Melsheimer, managing principal at Fish & Richardson PC law firm in Dallas.
In 1994, the Irving-based oil giant was ordered to pay $5 billion...
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