Exxon Valdez payments start flowing
I remember the Exxon Valdez Oil Spill (since dubbed EVOS) in Prince William Sound vividly. I was a sophomore in high school and it was my first exposure to the concept of human's impact on the environment. I can remember the video footage of the seals covered in oil and the miles of dead birds and fish. It was heart wrenching.
Now we are approaching the 20-year anniversary of this tragic event and the Anchorage Daily News is reporting that payments to the 33,000 plaintiffs in the class-action lawsuit have started to come in.
"Several commercial fishermen who joined in the lawsuit against Exxon reported receiving direct deposits in their bank accounts Monday. Paper checks are expected to go out in the mail in the next week." Source: Anchorage Daily News
The company fought tooth and nail to reduce the original judgment of $5 billion. It continues to disagree with the punitive damages claim upheld by the United States Supreme Court.
Oil companies, like ExxonMobil, have posted revenue gains consistently throughout the year. Exxon's estimated third quarter profits were $14,830 million, which represents a 58% increase from the third quarter profits in 2007. Source: ExxonMobil
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