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Exxon Valdez Oil SpillExxon Mobil Corporation (NYSE: XOM) announced today that it would not challenge the ruling of an appeals court stating that it was to pay $470 million in interest on the $507.5 million judgment related to the Exxon Valdez oil spill.

The Exxon Valdez oil spill took place back in 1989, and victims have been trying to get some money from Exxon ever since. In 1994 the victims won a $5 billion judgment, but Exxon has fought that ruling for the past 15 years.

Continue reading Exxon Mobil will not challenge Valdez judgement

Exxon Mobil will not challenge Valdez judgement originally appeared on BloggingStocks on Tue, 30 Jun 2009 18:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>alaskaExxonExxon MobliExxonMoblifeaturedjoseph hazelwoodJosephHazelwoodlawlegaloilValdezTue, 30 Jun 2009 18:00:00 EST<![CDATA[XOM gets day in court: Justices will hear Exxon Valdez appeal]]>http://www.bloggingstocks.com/2007/10/29/xom-gets-day-in-court-supreme-court-will-consider-exxon-valdez/http://www.bloggingstocks.com/2007/10/29/xom-gets-day-in-court-supreme-court-will-consider-exxon-valdez/http://www.bloggingstocks.com/2007/10/29/xom-gets-day-in-court-supreme-court-will-consider-exxon-valdez/#commentsFiled under: , , ,

Oil giant Exxon Mobil (NYSE: XOM) got some good news today as the Supreme Court has decided to hear the company's appeal against this summer's ruling over its liability from the Exxon Valdez oil spill back in 1989.

Over the summer, the company was hit with a $2.5 billion fine, but it has argued that it should not have to pay up. It is estimated that with interest, the total amount could actually balloon closer to $4.5 billion.

The Exxon Valdez disaster was caused when the Valdez, loaded with 53 million gallons of oil, ran aground on a reef in Alaska's Prince William Sound. The result was 11 million gallons of oil polluting more than 1,200 miles of Alaskan shoreline, the worst oil spill in U.S. history.

At the heart of the whole debate is one man, Captain Joseph Hazelwood, who was accused to have been under the influence of alcohol at the time of the accident. Exxon Mobil contends that it should not be held responsible for the mistakes of a captain that violated all company policies, but opponents are not buying that argument. The plantiffs argue that Exxon Mobil was aware that Hazelwood had a drinking problem and still allowed him to captain the ship.

Continue reading XOM gets day in court: Justices will hear Exxon Valdez appeal

XOM gets day in court: Justices will hear Exxon Valdez appeal originally appeared on BloggingStocks on Mon, 29 Oct 2007 16:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>court caseCourtCaseExxonExxon MobilExxon ValdezExxonMobilExxonValdezinthenewsJoseph HazelwoodJosephHazelwoodlawoil cleanupoil spillOilCleanupOilSpillPrince William SoundPrinceWilliamSoundSupreme CourtSupremeCourtValdezXOMMon, 29 Oct 2007 16:40:00 EST