Court rules Exxon owes interest in spill case

Here's an opinion today from the 9th U.S. Circuit Court of Appeals holding that Exxon Mobil Corp. owes interest on the $507.5 million judgment the Supreme Court ordered last year in the Exxon Valdez oil spill case.

This will push total punitive damages to roughly $1 billion.

But fishermen and other plaintiffs had best not hold their breath just yet for a share of the interest money.

Frank Mullen, a Homer commercial fisherman and close follower of the case, explains why:

"There are a number of moves available to Exxon to drag the issue out further:

• Exxon could once again ask for an 'en banc' hearing

• Exxon could appeal to the Supreme Court."

Mullen continues:

"I would not expect any payments associated with interest any time soon ... perhaps 2010?"