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Monday, October 29, 2007

U.S. Supreme Court agrees to hear Exxon punitive-damage case

The U.S. Supreme Court announced today it will hear the case of Baker v. Exxon, involving the massive punitive-damage award in the Valdez oil spill case.

In 1994, the jury awarded $287 million in compensatory damages and $5 billion in punitive damages (then representing a year's profits for Exxon). Exxon appealed and the punitive damage award was reduced to $4 billion. Exxon appealed again on the basis of an intervening U.S. Supreme Court decision on punitive damages, and the 9th U.S. Circuit Court of Appeals further reduced the punitive damage award to $2.5 billion.

The high court announced this morning its decision to review the award and decide its appropriateness.

Fore more, click here.

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