Big numbers dept.: “Exxon Mobil Corp., the world’s largest publicly traded oil company, persuaded an Alabama state court judge to cut a $11.9 billion verdict to $3.6 billion [last month] in a lawsuit over natural gas royalties.” (“Exxon Verdict Cut to $3.6 Bln in Alabama Gas Suit”, Bloomberg, Mar. 29). See Dec. 1, 2003; Dec. 20, 2000. Lawyers in Texas are organizing a similar suit by public entities there — no-fee, no-win, of course: Patrina A. Bostic, “Entities might sue large oil companies”, Longview News-Journal, Apr. 7.
Update: judge cuts Ala. Exxon verdict to $3.6 billion
Big numbers dept.: “Exxon Mobil Corp., the world’s largest publicly traded oil company, persuaded an Alabama state court judge to cut a $11.9 billion verdict to $3.6 billion [last month] in a lawsuit over natural gas royalties.” (“Exxon Verdict Cut to $3.6 Bln in Alabama Gas Suit”, Bloomberg, Mar. 29). See Dec. 1, 2003; Dec. […]
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Alabama jury to Exxon Mobil: pay the state $11.9 billion
In a retrial of a case which earlier led to an exorbitant punitive damages award, an Alabama jury two weeks ago ordered ExxonMobil to pay $63.6 million in compensatory damages and $11.8 billion in punitive damages to the cash-strapped state…