Exxon Caught a Break

[BoatBuoy]

Appeals Panel Cuts Award in Valdez Spill by Exxon

By FELICITY BARRINGER
Published: December 23, 2006
WASHINGTON, Dec. 22 — A federal appeals panel on Friday cut nearly in half the $4.5 billion punitive damages award against Exxon Mobil as a result of the Exxon Valdez oil spill in 1989.

A majority of a three-judge panel said the company’s negligent conduct, while “particularly egregious,” had not been intentional and had not warranted the maximum financial penalty that a lower court imposed.

The panel of the United States Court of Appeals for the Ninth Circuit, in San Francisco, split on applying legal precedents to the company responsible for the worst oil spill in United States history. It cut the award for punitive damages to $2.5 billion.

http://www.nytimes.com/2006/12/23/us/23exxon.html?_r=1&oref=slogin

 

[bjcsc]

Re: Exxon Caught a Break

Wow. Almost 7% of just their profit from last year - what a penalty. What a joke. If they do as good of a job paying that as they did cleaning up the mess they made no one will see a dime. Accidents happen, but they should have cleaned it up 100% regardless of the cost. The courts should take the $2.5b and compute the interest from 1989 until it's paid...that's what the IRS would do to me or you...

I never do and never will buy any Exxon products. There is still oil on the beaches in AK...what a shame...

If you're curious as to what has been going on since the spill, check this out. Several pages of info...

 

[Laddies]

Re: Exxon Caught a Break

They probably did not catch the break, more than likely they BOUGHT it some way or anouther

 

[KaGee]

Re: Exxon Caught a Break

What's your point??

 

[BoatBuoy]

Re: Exxon Caught a Break

What's your point??

Didn't make a point, just conversation. BTW, hasn't iboats counseled you yet about the bandwith/diskspace your eating with that horrendous signature. The only thing you lack is "Burma Shave" at the bottom.

 

[KaGee]

Re: Exxon Caught a Break

What's your point??

Didn't make a point, just conversation. BTW, hasn't iboats counseled you yet about the bandwith/diskspace your eating with that horrendous signature. The only thing you lack is "Burma Shave" at the bottom.

Nope, I'm privileged!

Since you are so worried about band-width, I'm sure you'll be cutting back on your meaningless trolls.

 

[treedancer]

Re: Exxon Caught a Break

Troll???
:^

Burma shave???

 

[88spl]

Re: Exxon Caught a Break

They probably did not catch the break, more than likely the BOUGHT it some way or anouther

They did it with "Slick" lawyers......

 

[snapperbait]

Re: Exxon Caught a Break

Pretty slick pun there, 88spl.......8)

 

[bjcsc]

Re: Exxon Caught a Break

They probably did not catch the break, more than likely the BOUGHT it some way or anouther

They did it with "Slick" lawyers......

8) Sweet...

 

[WillyBWright]

Re: Exxon Caught a Break

So if they actually pay the fine, where does the money go?

 

[POINTER94]

Re: Exxon Caught a Break

I heard people say that when exxon was making 7% profit they were stealing. Now that the government is taking 7% people are saying the penalty is too small. What is it?

Seems we are a little preoccupied with the fine. The shareholders of exxon were not drunk at the wheel. I would be on exxon big time if the clean up is not yet complete. Making whole the environment should be the focus, not how we can stick it to a corp. I would look at making sure every possible drop has been cleaned up and create an escrow fund to facilitate any future identification, or to take advantage of new technologies to get what couldn't be had currently.

 

[jtexas]

Re: Exxon Caught a Break

Just for the record...Exxon has paid more than $3.5 billion in actual damages and clean-up costs. The punitive damages were imposed by a judge, not a jury, and had already been thrown out twice by the ninth circuit court of appeals. The plaintiffs' attorneys (who don't live in Alaska, by the way) will get rich off this award.

 

[JasonJ]

Re: Exxon Caught a Break

My half-sisters father worked a fishing boat during that time that was put out of business due to the Valdez spill. The father has long since died, but his children are supposed to recieve his share of this settlement. I told her to not hold her breath, that they would keep it tied up for years and years in appeals and other slick crap. This sort of behavior is why so many people have such disdain for Big Oil. But I am sure someone will post on this thread on how Big Oil is just another innocent victim or some crap.

 

[Skinnywater]

Re: Exxon Caught a Break

Now they can appeal the appeal for another 18 years.

 

[Mark42]

Re: Exxon Caught a Break

....I never do and never will buy any Exxon products.....

Actually, you do all the time. And you will continue to purchase Exxon products in the future. You just don't realize it.

Rather than fine Exxon for the spill, I think they should be forced to pay for cleanup until an independant pannel decides it is done. Should probably set up a fund for ongoing cleanup. Nasty little pockes of goo pop up all over....

 

[rolmops]

Re: Exxon Caught a Break

About 3 months after the spill,there was an article in Newsweek,spelling out the strategy that Exxon would probably employ to get out of paying any fines by endlessly challenging and appealing everything in court, so far they were dead on.
If you take inflation in account,you will see that the fine Exxon was supposed to pay is not cut in half,but reduced by 75%!
Before too long there will be a settlement where exxon agrees to buy dinner for a few local politicians and put them on the exxon payroll and that will effectively be the end of that story.

 

[jtexas]

Re: Exxon Caught a Break

About 3 months after the spill,there was an article in Newsweek,spelling out the strategy that Exxon would probably employ to get out of paying any fines by endlessly challenging and appealing everything in court, so far they were dead on.
If you take inflation in account,you will see that the fine Exxon was supposed to pay is not cut in half,but reduced by 75%!
Before too long there will be a settlement where exxon agrees to buy dinner for a few local politicians and put them on the exxon payroll and that will effectively be the end of that story.

Ludicrous. I'm going to confuse you with some actual facts here:

Within 12 months of the spill Exxon had paid 100% of government-imposed fines and actual compensatory damages. Within 3 years they had paid $3.5 billion in damages, fines and clean-up costs.

A panel of judges reduced a punitive damage award imposed by one solitary judge, not a jury, not a panel, not a government agency, from $4.5 billion to $2.5 billion, which is 44%. About one-third will go to a wealthy California ambulance-chaser.

A punitive damage award is an arbitrary amount anyway...to suggest that there is some amount they were supposed to pay is rediculous.

 

[rolmops]

Re: Exxon Caught a Break

Not getting into a yes no fight with you ,I will just remind you that this is the third appeal that exxon had in court.they consider $25 million dollars a fair amount as a FINE for destroying 1500 miles of Alaskan shore. The original fine was 5 billion + interest,now calculate 17 years of inflationary devaluation and see how much 2.6 billion really is.

 

[JasonJ]

Re: Exxon Caught a Break

"A punitive damage award is an arbitrary amount anyway...to suggest that there is some amount they were supposed to pay is rediculous."

Not true. There was a significant amount of people who lost their income due to the accident. It is relatively easy to put a dollar amount on it. And no, Exxon has not paid out all of their compensatory dollar amounts.

My sister's father headed south and started another business and moved on with his life. The crew of the fishing vessel he worked entered into the lawsuit for compensation for lost income with all the other fishing crews and everyone else who lost their way of life. There was not some giant dollar amount expected, I think each man was supposed to end up with a few hundred thousand, if that. Basically the equivelant of X amount of years wages. When my sister told me about this law suit a million years ago I told her to not hold her breath.

The last she heard from the lawyer who represented her dad's fishing crew, the expected dollar amount was so small that it was laughable. I think each child of her dad would get a few hundred dollars. I just can't wrap my brain around that, but I am also not surprised. Like I said before, if any money shows I would be suprised.

In the end, if Exxon does pay, the lawyers will be the only ones to benefit...