In a deal that will release a portion of the damages as soon as October with a final payout schedule expected to be determined later this week, Exxon Mobil will pay $383 million to almost 33,000 commercial fishermen and other plaintiffs who sued the oil giant.
Exxon Mobil took a $290 million charge in the second quarter to account for a U.S. Supreme Court ruling in June that threw out an earlier $2.5 billion damages award against the company and lowered the award to $507.5 million.
The Exxon Valdez spilled approximately 34,000 tons of crude oil into Alaskan waters, making it the most expensive accident of its kind. Clean-up of the spill alone totaled almost $2.5 billion.
The two sides still disagree about whether Exxon owes interest on the $507 million award, which would bring the final figure to $1 billion, according to plaintiff's lawyers. Debate also continues to rage over another $70 million.
While the U.S. Supreme Court ruled on the subject, the justices sent the case back to the lower court to handle the final settlement of the $507.5 million award, which the court said was the maximum damages available to the plaintiffs.