Tentative Approval On Exxon Settlement
A settlement between Exxon Mobil Group and thousands of service station dealers has been tentatively approved by a federal judge. The settlement was for $1.75 billion, and has been proposed to settle a battle that has been ongoing for almost 15 years, having even been to the US Supreme Court.District Court Judge Alan Gold gave preliminary approval on the settlement earlier in the week, and is due to issue a final ruling in the first week of April. An agreement was reached by the two sides in December, and Exxon has agreed to end all opposition to the claims made by the plaintiffs following the judge’s approval.
An attorney for the dealers stated: "This is an extraordinary achievement for the dealers. After 14 years of litigation, Exxon has exhausted its appeals and has finally realized that its continued opposition in the claims process is fruitless."
An Exxon spokeswoman also commented, stating: "ExxonMobil has always contested liability in this lawsuit, but our appeals have been denied, and this settlement is payment of a legal obligation."
Topic Added February 22nd, 2006
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