Exxon Corp. vs. Certain Underwriters at Lloyds

Harris County District Court
189th- Judge Carolyn Johnson
93-40252
Exxon Corp. vs. Certain Underwriters at Lloyds

PLAINTIFFS: J. Don Bowen, John Tavormina & George Pletcher of Helm, Pletcher, Bowen & Saunders, Houston; George Bramblett & Robert Levy of Haynes & Boone, Houston; Eileen O'Neil, Houston

DEFENDANTS: Harry Reasoner, John L. Murchison, Jr. & Karl Stern of Vinson & Elkins, Houston; Michael Henke, Vinson & Elkins, Washington D.C.; Francis N. Crane of Susman Godfrey, Houston; Vaughan Stewart, Lake Jackson.

Jury found Exxon Corp. did not knowingly permit the Valdez to sail in an unseaworthy condition; that the grounding of the Valdez was not the result of reckless or intentional conduct by Exxon; and that Exxon Corp. was not the alter ego of Exxon Shipping Company.

Jury also found the grounding of the Valdez was a loss occurrence under the terms of the insurance policy and that Exxon Corps. paid at least $210M as a deductible plus $250M in losses suffered as a cargo owner. Therefore, awarded Exxon $250,000,000.

TOTAL JUDGMENT:

$238,473,752.50   actual damages after insolvencies and non-parties

$161,106,406.87   pre judgment interest
$ 10,764,960.35   attorneys' fees and costs through trial

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$410, 345, 119.72   TOTAL
+ 1, 500,000.00   attorneys fees for appellate process.