Monday, June 15th, 2009...8:20 am
9th Cir: Court Awards Interest Back to 1996, But No Costs to Exxon Valdez Plaintiffs
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The Court held this Monday morning:
Because the evidentiary and legal bases for the original judgment of punitive damages have not been overruled, we award interest on the final judgment of $507.5 million, at the statutorily set rate of 5.9%, to run from the date of the original judgment, September 24, 1996. Because the amount of the original $5 billion judgment has been substantially reduced, we order that each party bear its own costs.
In re Exxon Valdez Litigation, ___ F.3d ___ (9th Cir. June 15, 2009)
Judge Kleinfeld concurred on the interest, but thought Exxon was entitled to costs. “The champagne corks that popped after the Supreme Court reversed us were doubtless on Exxon’s side, not the plaintiffs.”
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