ANCHORAGE, Alaska - Oil giant Exxon Mobil Corp. has decided not to appeal hundreds of millions of dollars in interest on punitive damages resulting from the 1989 Exxon Valdez oil spill.
The Irving, Texas-based company will pay about $470 million in interest on more than $507.5 million in punitive damages following the 11 million gallon spill of crude in Prince William Sound, company spokesman Tony Cudmore said yesterday.
The company expects to make payment on the interest in the next few days, said plaintiffs' lawyer David Oesting.
The decision is a turnaround for the...
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