U.S. COURT CUTS EXXON VALDEZ PUNITIVE DAMAGES TO $2.5 BLN FROM $4.5 BLN

Reuters ^ | December 22, 2006

[HAL9000]

U.S. COURT CUTS EXXON VALDEZ PUNITIVE DAMAGES TO $2.5 BLN FROM $4.5 BLN

[SevenofNine]

OH KATHY ping youuu

[HAL9000]

AP - Court Cuts Valdez Judgment Against Exxon

[b4its2late]

So the price of Exxon/Mobil gas will decrease....

[RexBeach]

My God. This has been in litigation since 1989? Yikes.

Lots of dough for the lawyers.

[ContemptofCourt]

When you are talking about billions of dollars, ain't noone gonna biatch about your million dollar bills. License to print money.

[ConservativeDude]

Some freepers likely care more about the stock price, than the price at the pump........for those, this is Christmas early!

[onyx]

Amazing, huh?

[traditional1]

"Lots of dough for the lawyers."

That decrease in punitive damage was because of all the Lawyer fees already paid, and the Judge decided enough was enough....

/sarc

[wafflehouse]

my thoughts exactly.. lawyer fees are probably more than the lawsuit damages at this point

[mysterio]

I'm sure this savings will be passed right along to the consumer as it would have been if the judgement had been raised instead of cut.

Ok, you can burst out laughing now.

[RightWhale]

Transportation cost has just been raised $1-2 per barrel due to the low flow rate in the Alyeska Pipeline. Right away any cost saving from this penalty reduction is gone and then some.

[b4its2late]

Darn!

[mjp]

Surging oil prices helped the No. 1 U.S. oil company post a near record high of $10.4 billion in the second quarter almost reaching the record high of $10.7 billion last year.

They can afford it.

[Responsibility2nd]

bump...