Court Watch - Written by Jere Beasley on Thursday, October 2, 2008 10:47 - 0 Comments

Partial settlement reached in Exxon Valdez case

exxonlaPart of the awarded to Plaintiffs in the nation’s worst oil spill will be paid to Alaska fishermen and other Plaintiffs, by ExxonMobil. A was reached in the Valdez case which means about $383 million will be released by . Under the agreement, the money will be distributed to nearly 33,000 commercial fishermen and others who sued after the 1989 oil spill. ExxonMobil was able to get the Plaintiffs’ lawyers to agree on the company’s offer to pay the awarded by the Supreme on June 25th, less certain costs and amounts relating to earlier settlements with former Plaintiffs. The agreed-upon amount with the Plaintiffs is approximately $383.4 million.


David Oesting of Anchorage, the lead for the Plaintiffs, told the Anchorage Daily News he and lawyers for negotiated the . Lawyers will continue to negotiate over $70 million and nearly a half billion dollars in interest. Fishermen and other Plaintiffs should see checks coming in beginning this month. Interest calculated since 1994 would add an estimated $488 million, boosting awards to individuals from roughly $15,000 to about $29,400. Of course, contends it does not have to pay interest. Frank Mullen, a Homer, Alaska, commercial fisherman, had this to say concerning the payments: “It’s a damn small bone for an old, angry dog is what it is.” History will record this legislation as a tremendous victory for and a bitter loss for lots of folks who were its victims.

Source: Anchorage Daily News




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