November 15, 2003

Exxon Mobil Corp lost a round of jury bingo on Friday as an Alabama jury the state of Alabama $11.8 billion in a lawsuit against over royalties for offshore natural gas leases. Of the award $63 million was in compensatory damages and the rest in putative damages. While the jurors said they set such a huge amount to send a message to the company the question to ask: Would they do the same if this award to the state were not a windfall that could reduce their taxes? The state Supreme Court has already last December reversed a huge $3.5 billion jury verdict against Exxon Mobil Corp sending the case back to a lower court for retrial. Analysts predict the same to occur in this case. 11:04:15 PM