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Supreme Court Won't Resolve Exxon Valdez Interest Payments, Says Appeals Court Should Decide

By: Associated Press
By: Associated Press

ANCHORAGE, Alaska (AP) - An attorney for fishermen, Native
Alaskans and local governments in the Exxon Valdez lawsuit says he
expects a favorable ruling on interest payments when the case is
decided by the 9th U-S Circuit Court of Appeals.
The U-S Supreme Court today declined to decide whether Exxon
Mobil Corporation must pay interest on punitive damages awarded in
the nation's worst oil spill.
In a brief order, justices said the appeals court should decide
the matter of interest arising from punitive damages for victims in
the 1989 Exxon Valdez spill.
Stanford University law professor Jeffrey Fisher says justices
rejected Exxon Mobil's bold attempt to take away interest.
And he says the 9th Circuit court has never NOT awarded
interest.
---
Exxon Mobil contends that if interest is paid, it should be
calculated from the date the punitive damages were awarded by the
Supreme Court in June, not all the way back to 1994, when a jury
first awarded punitive damages.
Exxon Mobil spokesman Alan Jeffers says the company will pursue
that contention with the 9th Circuit, based in San Francisco.
If interest is paid from 1994, it will boost awards to
individuals from roughly $15,000 to about $29,400.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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