Ok, I'm sure there is another side to the story somewhere...but I'm having trouble seeing it. Exxon can afford to pay out, but it sounds like they don't want to, and the federal court is letting them.
Anchorage Jury: "You were bad! Pay 5 Million Bajillion Buttons, do not pass go!"
Exxon: *whine*
Federal Court: "We've never made anyone pay that much before. You have to make it a lower number."
Anchorage Judge: "oooookaaaay. Pay 4 Million Bajillion Buttons."
Exxon: *whine*
Federal Court: "Ok, this happened in 1989, and the jury said that they needed to pay up in 1994, but we made a law in 2003 that said punitive damages could only be 9 times the general damages. So you gotta lower it because the ruling you made in 1994 breaks the 2003 law."
Anchorage Judge: "Fuck you. They were BAD and that law doesn't apply. Now it's 4.5 Million Bajillion Buttons PLUS interest."
Exxon: *whine* "We only want to pay 25 buttons."
Federal Court: "Anchorage, you suck. We're taking over. Exxon, my dear silly boy, you shouldn't do that again. According to the 2003 law we could charge you 9 times general damages but because you picked up your mess so fast, please pay only 5 times general damages. Now you run along home and be good."
****
Court Cuts Valdez Judgment Against Exxon
By DAVID KRAVETS, AP Legal Affairs Writer
Friday, December 22, 2006
(12-22) 20:09 PST SAN FRANCISCO, (AP) --
A federal appeals court on Friday cut in half a $5 billion jury award for punitive damages against Exxon Mobil Corp. in the 1989 Valdez oil spill that smeared black goo across roughly 1,500 miles of Alaskan coastline.
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