Exxon Mobil to pay nearly $7 billion in spill damages

Thursday, January 29, 2004

ANCHORAGE, Alaska -- A federal judge on Wednesday ordered Exxon Mobil Corp. to pay about $6.75 billion to thousands of Alaskans affected by the 1989 Exxon Valdez oil spill. The ruling is the latest of several damage awards in the case over the past decade -- the result of successful appeals in federal court by Exxon. The company plans to appeal again. Wednesday's ruling by U.S. District Judge Russel Holland ordered the Irving, Texas-based company to pay $4.5 billion in punitive damages and about $2.25 billion in interest. The money is to go to 32,000 fishermen, Alaska Natives, landowners, small businesses and cities affected by the 11 million-gallon spill in Prince William Sound.

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