The Exxon-Valdez Continues to Haunt Alaskans
Posted on July 7, 2008
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For nearly twenty years, Alaskans have been fighting a class action suit against oil giant Exxon Mobil for damages related to the Mar 24, 1989 oil spill, now recognized as one of the largest environmental disasters in US History.
On June 25, 2008, the supreme court reduced a $2.5 billion punitive damages award to about $507 million – a fraction of the original $5 billion awarded in 1994.
The high court determined that punitive damages should roughly match actual damages from the environmental disaster, as the federal Clean Water Act does not allow for punitive damages for similar environmental incidents.
This ruling will likely set precedence for future lawsuits seeking large awards for punitive damages from major corporations that may been seen as “excessive”. Tom Donohue, the president and CEO of the U.S. Chamber of Commerce, was quoted ;
“This is good news for companies concerned about reining in excessive punitive damages…For years, the chamber has argued that punitive damages are too unpredictable and unfair, and today the court agreed.”
Read more on the Exxon Valdez spill here.
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