Lawyers in the epic Exxon Valdez court case have negotiated a settlement to pay out most of the $507.5 million the U.S. Supreme Court awarded in June, the lead attorney for the plaintiffs confirmed today.
Under the deal, Exxon will release about $383 million for distribution to the nearly 33,000 commercial fishermen and others who sued Exxon after the disastrous 1989 oil spill in Prince William Sound.
Lawyers for the plaintiffs and Exxon will continue to battle over another $70 million, as well as potential interest of $488 million on the Supreme Court judgment. Exxon has argued the interest isn't owed.
The oil titan will in effect pay itself any remaining money under terms of a side settlement the company made in 1991 with seven Seattle-based fish-processing companies who formerly were plaintiffs.
Read the full story at adn.com.