XOM: Tying Up Loose Ends
Rigzone is reporting:
Exxon Mobil Corp. has won a legal victory in its effort to fight
damages of about $1.5 billion stemming from a 2006 gasoline spill in
Maryland.
In a decision released Tuesday, the Maryland Court of Appeals
reversed more than $1 billion in punitive damages, awarded by a jury in
2011, and said residents and business who accused the energy giant of
fraud hadn't sufficiently proven their case.
The court also reversed a large number of compensatory damages, which originally totaled about $500 million.
The case stems back to February 2006 when 26,000 gallons of gasoline
leaked from underground storage tanks owned by Exxon Mobil at a fueling
station in Jacksonville, Md. The gasoline moved into a water aquifer
that supplied drinking water to many residents.
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