Jun
26
The business-friendly US Supreme Court has once shown that persistence pays off. Especially when it's coming from the big end of town.
The Supremes have cut the 1994 $5 billion punitive damages bill against Exxon Mobil over the exxon valdez oil spill to just $500 million. That's a drop in the ocean, the equivalent of a few days earnings for a company that generated a profit of over $40 billion
Exxon Mobil has shown that if you throw enough money into litigating, you can win anything. The company had filed more than 60 petitions and appeals, sought 23 time extensions and filed more than 1,000 motions, briefs, requests and demands.
I think this is wonderful for Exxon Mobil….now Exxon Mobil should do all that it can in a show of good faith. It is one thing to be made to do something and another to give generously to show that Exxon cares about the environment. Everyone will be watching what they do.