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Article: US court slashes $3.6 billion verdict against Exxon Mobil in natural gas royalties case
- Article from:
- AP Worldstream
- Article date:
- November 1, 2007
- Author:
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The Alabama Supreme Court on Thursday threw out nearly all of a record $3.6 billion (euro2.5 billion) verdict that the state government won against Exxon Mobil Corp. in a dispute over natural gas royalties.
In an 8-1 decision, the state's highest court awarded Alabama $51.9 million (euro35.98 million) in compensatory damages. The court threw out all punitive damages, which made up most of the $3.6 billion (euro2.5 billion) verdict, the largest ever in Alabama.
The state conservation department had sued Exxon Mobil, saying it had intentionally underpaid the state for royalties due from natural gas wells the company drilled in state-owned waters along the Alabama coast. ...