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Court turns down bid to undo New Jersey's $225M settlement with Exxon

Published 02/12/2018, 04:27 PM
© Reuters.  Court turns down bid to undo New Jersey's $225M settlement with Exxon
XOM
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  • A New Jersey appeals court rejects a request from environmental groups and a former state senator to dismantle a $225M pollution settlement between the state and Exxon Mobil (NYSE:XOM).
  • The groups had wanted the state to extract more money from XOM to more closely reflect the $8.9B that the state had earlier estimated it was owed, but the appellate panel said the trial judge had not made a mistake in judgment when he approved the 2015 agreement between the company and Gov. Chrisite's administration.
  • However, the director of Environment New Jersey, one of the groups seeking to stop the settlement, expresses optimism that new Democratic Gov. Murphy will tear up the deal and seek additional damages from XOM.
  • Now read: Increased U.S. Activity Good For MLPs


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