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| Exxon can appeal $2.5bn oil fine | Exxon can appeal $2.5bn oil fine |
| (10 minutes later) | |
| Exxon Mobil has won the right to appeal against $2.5bn in damages relating to a 1989 Alaskan oil spill. | Exxon Mobil has won the right to appeal against $2.5bn in damages relating to a 1989 Alaskan oil spill. |
| The US Supreme Court said it would hear the appeal against damages due to victims of the Valdez oil spill. | The US Supreme Court said it would hear the appeal against damages due to victims of the Valdez oil spill. |
| The case has dragged on since 1994, with US oil giant Exxon fighting to reduce the amount, which the company has called excessive. | The case has dragged on since 1994, with US oil giant Exxon fighting to reduce the amount, which the company has called excessive. |
| In what was one of the biggest ever oil spills, 11 million gallons of crude were released into Alaska's wilderness. | In what was one of the biggest ever oil spills, 11 million gallons of crude were released into Alaska's wilderness. |
| About 1,300 miles (2,080km) of coastline was contaminated as a result of the oil spill, which occurred after the Exxon Valdez tanker crashed into a reef. | About 1,300 miles (2,080km) of coastline was contaminated as a result of the oil spill, which occurred after the Exxon Valdez tanker crashed into a reef. |
| Its captain, Joseph Hazelwood, admitted drinking vodka before boarding the vessel, but was subsequently acquitted of operating a ship while intoxicated. | Its captain, Joseph Hazelwood, admitted drinking vodka before boarding the vessel, but was subsequently acquitted of operating a ship while intoxicated. |
| Exxon argues that it cannot be held responsible for the actions of Mr Hazelwood and says that the $2.5bn penalty is excessive when compared with other rulings on punitive damages. | |
| The world's biggest listed oil firm, Exxon adds that it has already paid $3.4bn in clean-up costs, and other fines related to the oil disaster and damage to the natural environment. | |
| Lawyers for the victims, some of whom are now dead, said that the damages award was "barely more than three weeks of Exxon's net profit". | |
| In 2006, Exxon reported the highest ever net annual profit for a US business at $39.5bn. |