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Wednesday, February 27, 2013

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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