Court denies petition for rehearing of Exxon Valdez punitive damages - January 20, 2002

Providing coverage of Alaska and northern Canada's oil and gas industryJanuary 2002

Vol. 7, No. 3

Week of January 20, 2002

Court denies petition for rehearing of Exxon Valdez punitive damages

Petroleum News Alaska Staff

Exxon Mobil Corp. said Jan. 11 that it has been advised by the Ninth Circuit Court of Appeals that the plaintiffs’ motion for a rehearing on Exxon Valdez punitive damages by the full 9th Circuit Court has been denied.

ExxonMobil Chairman Lee Raymond said Nov. 7, 2001, that the 9th Circuit Court of Appeals confirmed the company’s position that the $5 billion punitive damage award related to the Exxon Valdez accident was excessive.

Raymond said the Valdez oil spill was a tragic accident that ExxonMobil deeply regrets. The appeals court decision sends the case back to the federal court in Anchorage with orders to reduce the award to an amount consistent with constitutional limits.

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