http://business-times.asia1.com.sg/latest/story/0,2276,48153,00.html? Business Times - 13 Jun 2002
Exxon Mobil asks court to cut fine in Exxon Valdez oil spill
WASHINGTON - Exxon Mobil Corp filed a motion late yesterday with a federal court in Anchorage, Alaska, seeking to reduce the US$5 billion (S$9 billion) fine levied for the 1989 Exxon Valdez oil spill.
The motion follows a ruling in the Ninth Circuit Court of Appeals last year, which found the punitive damages to be "excessive" and sent the case back to Anchorage district court with orders to reduce them, the statement said.
"The Ninth Circuit Court of Appeals found that none of the 'aggravating factors' identified by the Supreme Court as justifying a large punitive damages award were present in the Valdez case," it said.
Such factors include "violence, intentional spilling of oil, and trickery to hide or facilitate the spill".
Exxon Mobil has argued the damages should fall between US$25 and US$40 million, the largest punitive damages award ever approved by a federal court, the statement noted.
The firm has already paid US$300 million to Alaskan individuals and businesses affected by the spill, US$2.2 billion to clean up Prince William Sound and US$1 billion in settlements with state and federal governments, it said.