Exxon Shipping Provides Court Welcome Opportunity on Excessive Punitive Damages
22 February 2008
Mayer Brown Article
Nineteen years ago, the Exxon Valdez ran aground on a reef in Prince William Sound, Alaska, spilling millions of gallons of oil and significantly damaging the ecosystem as well as the livelihoods of local fishermen. Although Exxon cleaned up the damage and paid hundreds of millions of dollars to compensate the fishermen for their economic losses, the inevitable class action was filed and a jury of Alaskans imposed a recordbreaking $5 billion punitive award.