Supreme Court overturns Exxon Valdez $2.5 billion punitive damages award

07/07/2008
The US Supreme Court has overturned the $2.5 billion in punitive damages against ExxonMobil Corp. for an oil spill from the tanker Exxon Valdez in Alaska’s Prince William Sound in 1989.The nation’s high court said punitive damages should be limited to $507.5 million. In a ruling released June 25 in Washington, DC, the court was divided, 5-3. Associate Justice Samuel Alito had recused himself from the case because he owns ExxonMobil stock.Associate Justice David Souter wrote the opinion, saying punitive damages could not exceed what ExxonMobil already paid to plaintiffs for economic losses. Associate Justices John Paul Stevens, Stephen Breyer, and Ruth Bader Ginsburg dissented....
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