U.S. Appeals Court Orders Exxon to Pay Interest on Exxon Valdez Oil Spill
U.S. Appeals Court sets damages and interest on 1989 oil spill.
The appeal court ordered Exxon to pay $507.5 million in damages and approximately $480 million in interest for the 1989 Exxon Valdez oil spill in Prince Williams Sound. The court reaffirmed the amount of interest set by the U.S. Supreme Court last year, but with the caveat that the interest be set from the first judgment by an Alaskan court in 1996 against the company for $5.5 billion.
The U.S. Ninth Circuit Court of Appeals also ruled that Exxon would be responsible for the $70 million the court has spent on the lengthy legal battle. The company has spent the last 13 years appealing the original judgment, and unless the company appeals again this new judgment could end the 20-year ordeal.
To Read the Judgement click HERE.