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Quote of the Day - Lawsuit: A machine which you go into as a pig and come out as a sausage. - Ambrose Bierce, The Devil's Dictionary
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Big Exxon Verdict, Small Dispute

ExxonMobil got hit with an almost $12 billion (yes, with a "B") verdict today. The flap was over royalties for offshore natural gas leases.

ExxonMobil is understandably not happy with the jury's decision. ExxonMobil's press release says:

"ExxonMobil's total capital investment in Alabama currently exceeds $3 billion and the company employs more than 200 people and thousands of contractors, and more than 200 retirees live in the State. Since 1995, ExxonMobil has contributed nearly $3.5 million to charitable, civic and educational organizations throughout Alabama." I'm guessing that well will run dry soon.

The company is no stranger to big awards, though. In fact, maybe it should have stuck with the original, $3.5 billion (yes, still with a "B") verdict in the first case.

On appeal in this first case, the company argued that the actual dispute is relatively small - only $87 million.

Maybe paying this "small" amount that remains in dispute is better than a judgment for $12 bbbbillion dollars. Is there a message here?

But, that's what appeals are for.

Printer friendly page Permalink Email to a friend Posted by J. Craig Williams on Friday, November 14, 2003 at 18:41 Comments Closed (0) |
 
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