Exxon Mobil Settles $9 Billion New Jersey Environmental Case for $250 Million

Source: New York Times

A long-fought legal battle to recover $8.9 billion in damages from Exxon Mobil Corporation for the contamination and loss of use of more than 1,500 acres of wetlands, marshes, meadows and waters in northern New Jersey has been quietly settled by the state for around $250 million.

The lawsuits, filed by the State Department of Environmental Protection in 2004, had been litigated by the administrations of four New Jersey governors, finally advancing last year to trial. By then, Exxon’s liability was no longer in dispute; the only issue was how much it would pay in damages.

But a month ago, with a State Superior Court judge believed to be close to a decision on damages, the Christie administration twice petitioned the court to hold off on a ruling because settlement talks were underway. Then, last Friday, the state informed the judge that the case had been resolved.

Richard B. Stewart, a New York University law professor and a former head of the Justice Department’s environmental division, noted the “striking disparity between the damages claimed, which have been exhaustively litigated, and the settlement amount,” particularly with a judicial ruling expected soon.

Read more: http://www.nytimes.com/2015/02/28/nyregion/exxon-mobil-settles-with-new-jersey-over-environmental-damage.html