Exxon-Mobil's stock traded higher Wednesday after the U.S. Supereme Court reduced punitive damages in the Exxon Valdez disaster 80% from $2.5 billion

Jun 26, 2008 00:28:33

After spilling 11 million gallons of oil into the pristine fishing waters of Alaska's Prince William Sound, a jury in Anchorage returned a $5 billion punitive-damages award against Exxon Mobil in 1994. Since then Exxon Mobil has appealed the verdict twice and won both times. In 2006, the award was cut to $2.5 billion by the 9th US Circuit Court of Appeals. 32,000 plantiffs mostly fisherman and indigenous Alaskans waited 20 years to have their hopes dashed by the U.S. Supreme reducing the award to $507.5 million for its role in the 1989 Exxon Valdez disaster.