Exxon Valdez Award Cut to $507.5 Million by Top Court
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A divided U.S. Supreme Court cut the $2.5 billion punitive damage award against Exxon Mobil Corp. for the 1989 Valdez disaster to $507.5 million, ending a 19-year legal saga over the worst oil spill in U.S. history.
The justices, voting 5-3, said the original award, which would have been increased by more than $2 billion with accrued interest, was excessive under federal maritime law.