Nautilus Marine Enterprises (NME) has been awarded a portion of almost $12m sought in interest and attorney fees for a 2007 settlement related to the 1989 Exxon Valdez spill.
Exxon Mobil in 2007 paid NME and Cook Inlet Processors (CIP) an undisclosed amount in damages related to the disaster that poured 10.8 million gallons of crude oil into Prince William Sound.
A final judgment was not awarded, however, until 14 February 2017 because both sides disagreed on rate of prejudgment interest to be paid by Exxon.
District Court for the Court of Alaska ruled that NME was entitled to prejudgment interest for 1 July 1992 through 1 November 2006 only per the initial 2007 settlement.
As a result, NME was awarded only $3.15m for prejudgment interest up to November 2006, while CIP received $1.8m.
NME and CIP challenged that decision in US Ninth Court of Appeals, arguing they should get $11.8m in interest payments to include the decade leading up to the February 2017 judgment.
The appeals court this week reaffirmed the court's decision, reasoning that the initial 2007 settlement had been reversed and vacated upon Exxon's appeal.
Lawyers from both sides declined to comment.
