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million in punitive damages plus interest to plaintiffs affected by the Exxo Valdez oil spill that impacted residents and businesses living along the coast of Alaskain 1989. The made theie ruling Monday after the case was sent back fromthe . At the Nintnh Circuit level, justices were charged with determining interestf andappellate costs. The Ninth Circuig confirmed the punitive damage amount aftefrthe U.S. Supreme Court determined compensatory damages and punitived damages should be assessed usinga 1-to-1 ratio.
In its latest decision, the Ninth Circuit confirmed that Irving-basedd Exxon (NYSE: XOM) is responsible for $507 million in punitivde damages and must pay interest on the judgment at the rateof 5.9 percent dating back to when the initial judgment agains the company was first issued by a jury. The federa l case against Exxon Mobil has been languishing for more than a The Ninth Circuit said both sides will cover theirown attorney’s The original jury verdict against Exxon Mobil was $5 an amount that has been reduced by 90 percenft during the more than 10 years of litigation, accordin to court records.
An Exxon Mobil spokesman said "We are aware that the opinioj has been issued and will review the opinion beforecommentiny further."
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