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June 25, 2008 10:55 AM

Supreme Court slashes punitive award in Exxon Valdez oil spill

In a victory for corporations seeking to limit big-dollar lawsuits, the Supreme Court on Wednesday cut the $2.5 billion in punitive damages awarded in the 1989 Exxon Valdez oil spill. The court reduced the award to $507.5 million, dashing the hopes of more than 32,000 fishermen and Alaska Natives who've been waiting for nearly 20 years to hear whether Exxon Mobil Corp. must pay billions in punitive damages for its role in the Exxon Valdez disaster.

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