June 30, 2009

Exxon Will Not Ask Supreme Court to Review Valdez Interest Ruling

The Associated Press is reporting that Exxon Mobil Corp. has decided not to seek certiorari from the portion of the Ninth Circuit's recent opinion ordering Exxon to pay an additional $470 million in interest on the punitive damages award in the Exxon Valdez case. The story indicates, however, that Exxon may yet want to file a cert. petition challenging the part of the opinion that orders Exxon to bear its own costs on appeal ($70 million, consisting mostly of bond premiums). This 20 year litigation saga isn't over quite yet.