Persecuted ExxonMobil finally catches a break

Much put upon corporate giant ExxonMobil has had the punitive damages assessed against it in the Exxon Valdez oil spill law suit cut by 2 billion USD. The San Francisco based 9th Circuit Court of Appeals (I thought that was one of those dangerous liberal courts) ruled in the oil company’s favour in reducing the original damages from 4.5 billion USD.

ExxonMobil feels that the award is still too high and may appeal. The remaining 2.5 billion USD represents only slightly over two days of sales based on 2005 turnover. Not very punitive in my book!