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Exxon Valdez $2.5 bln oil spill ruling overturned

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The U.S. Supreme Court overturned on Wednesday the $2.5 billion in punitive damages that Exxon Mobil Corp was to have paid for the 1989 Exxon Valdez oil spill off Alaska.

WASHINGTON (Reuters) - The U.S. Supreme Court overturned on Wednesday the $2.5 billion in punitive damages that Exxon Mobil Corp was to have paid for the 1989 Exxon Valdez oil spill off Alaska.

The high court ruled that the punitive damages should be limited to an amount equal to the compensatory damages of $507.5 million.

(Reporting by James Vicini, Editing by Gerald E. McCormick)

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