Exxon owes about $450M in interest on Valdez damages.

Dow Jones Newswires (6/16, Gonzalez) reported, "A federal appeals court on Monday ruled that [Exxon Mobil Corp.] must pay interest dating back to 1996 on the $507.5 million in punitive damages awarded to plaintiffs after a Supreme Court decision last year. The U.S. Ninth Circuit Court of Appeals also ruled that Exxon, and not the plaintiffs, would be responsible for the $70 million it spent in legal costs during the lengthy legal battle that arose from the massive Exxon Valdez oil spill in 1989." Jeffrey Fisher, "a Stanford law professor and a partner with Seattle law firm Davis Wright Tremaine, told Dow Jones Newswires that accrued compounded interest on the penalty amounted to about $500 million, but the company had negotiated with some plaintiffs to keep 11% of the payments," leaving the total owed at about $450 million.