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The initial 1991 settlement would require Exxon to pay $1 billion in damages. $900 million was allocated to a trust fund concerning special environmental restoration and the other $100 million went directly to the state and federal governments.
The Prince William Sound Regional Citizens' Advisory Council is an independent non-profit organization based in Anchorage and Valdez, Alaska, whose mission is to promote the environmentally-safe operation of the Alyeska Pipeline's Valdez Marine Terminal and associated oil tankers, and to inform the public of those activities.
The Exxon Valdez oil spill was a major environmental disaster that occurred in Alaska's Prince William Sound on March 24, 1989. The spill occurred when Exxon Valdez, an oil supertanker owned by Exxon Shipping Company, bound for Long Beach, California, struck Prince William Sound's Bligh Reef, 6 mi (9.7 km) west of Tatitlek, Alaska at 12:04 a.m.
Exxon Valdez was an oil tanker that gained notoriety after running aground in Prince William Sound, spilling her cargo of crude oil into the sea. On 24 March 1989, while owned by the former Exxon Shipping Company, captained by Joseph Hazelwood and First Mate James Kunkel, [3] and bound for Long Beach, California, the vessel ran aground on the Bligh Reef, resulting in the second largest oil ...
The Exxon Valdez oil spill was the second largest in U.S. history, and in the aftermath of the Exxon Valdez incident, the U.S. Congress passed the Oil Pollution Act of 1990. An initial award of US$5 billion punitive was reduced to $507.5 million by the US Supreme Court in June 2008, [ 59 ] and distributions of this award commenced in 2008.
In settlement of criminal charges, Exxon would pay a fine of $250 million. Two restitution funds of $50 million each were established, one under state control and one under federal authority. Against strong opposition from many Alaskans, $125 million of the balance was forgiven, owing to Exxon's cooperation during the cleanup, and upgraded ...
Exxon Shipping Co. v. Baker, 554 U.S. 471 (2008), was a case decided by the Supreme Court of the United States.The Court ruled in a 5-3 decision that the punitive damages awarded to the victims of the Exxon Valdez oil spill should be reduced from $2.5 billion to $500 million.
The fund was created in 1986, but use of the fund was not authorized until the Oil Pollution Act's passage in 1990. [12] The funds may be called upon to cover the cost of federal, tribal, state, and claimant oil spill removal actions and damage assessments as well as unpaid liability and damages claims.