9th Circuit reduces punitive-damage award against ExxonMobil

Today the Ninth Circuit, in an appeal arising from the Exxon Valdez disaster, reduced a punitive-damage award against ExxonMobil from $4.5 billion to $2.5 billion. In re The Exxon Valdez, No. 04-35182 (9th Cir. Dec. 22, 2006). The opinion is here; the AP's story about the opinion is here.