Posts Tagged ‘Judge McCooey’

Exxon Finally Pays (albeit not enough)

February 5, 2008

According to an Associated Press report, Exxon Mobil has finally paid its debt to the State of Alabama.  Exxon paid $121.5 million as a result of the lawsuit brought by the State of Alabama over natural gas royalties.  The case had been tried twice to two different juries and appealed twice to the Supreme Court of Alabama.  Both twelve member juries unanimously ruled in favor of Alabama, and the final judgment was for $3.6 billion dollars, but the Supreme Court of Alabama reduced the verdict to $51.9 million.

After the reduction, the Supreme Court of Alabama remanded the case back to the Montgomery Circuit Court for a determination of the interest accrued during the appeal.  Judge Tracy McCooey made the final determination as to the amount.  The attorney for the State, Jere Beasley, argued that the amount should be $20 million more, and that issue is reserved for appeal.