The original punitive damages award against Exxon Mobil was $US5 billion, but that was later reduced to $US4 billion by the Anchorage federal court, after the Ninth Circuit vacated the original $5 billion award, calling it "excessive."
Both the plaintiffs and ExxonMobil appealed that decision to the Ninth Circuit. The Ninth Circuit panel then vacated the District Court's $4 billion award and sent the case back for the District Court to reconsider in light of a US Supreme Court ruling where punitive damages were limited.
It has now been increased to $US4.5 billion by US District Court although the Texas-based Exxon Mobil said it would again appeal the ruling in light of the Campbell v. State Farm case, which limited punitive damages.
ExxonMobil voluntarily paid $US300 million immediately and voluntarily to more than 11,000 Alaskans and businesses affected by the Valdez spill. In addition, the company paid $US2.2 billion on the cleanup of Prince William Sound, staying with the cleanup from 1989 to 1992, when the State of Alaska and the U.S. Coast Guard declared the cleanup complete.
The company also has paid $1 billion in settlements with the state and federal governments. That money is being used for environmental studies and conservation programs for Prince William Sound.
The 11 million gallon spill from the Valdez spread oil to more than 1,000 miles (1,600 km) of coastline, killed thousands of sea mammals and birds and caused what government scientists say are lingering damages to a variety of marine species.
Shares of Exxon Mobil closed down 38 US cents at $US40.81 on the New York Stock Exchange.
