Exxon will pay damages' interest

Oil giant Exxon Mobil has announced that it will not appeal the most recent decision over damages to be paid for the 1989 Exxon Valdez oil spill, and will now pay US$470m in interest on top of the US$500m in punitive damages awarded to some 33,000 Alaskan plaintiffs who'd sued the company in a class action suit.

The legal struggle over the spill has been going on for 25 years, with the original award of US$5bn being repeatedly reduced on appeal. Exxon's decision seems likely to end the damages battle once and for all.

 

 

(Source: Maritime Global Net)