Exxon told to pay interest on Alaska spill award
NCHORAGE, Alaska – Exxon Mobil Corp. was ordered Monday to pay about $500 million in interest on punitive damages for the Exxon Valdez oil spill off Alaska, nearly doubling the payout to Alaska Natives, fishermen, business owners and others harmed by the 1989 disaster.
The ruling was issued by the 9th U.S. Circuit Court of Appeals in San Francisco.
In June 2008, the U.S. Supreme Court set punitive damages at $507.5 million. But two months later, the high court declined to decide whether Exxon Mobil must pay interest on the punitive damages awarded in the nation's worst oil spill and instead sent it back to the appeals court.
Monday's decision would double the average payout of about $15,000 for the nearly 33,000 claimants... http://news.yahoo.com/s/ap/20090615/ap_on_bi_ge/us_exxon_valdez