status of the exxon valdez oil spill litigation june 2007 · exxon valdez oil spill litigation june...
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Status Of The
Exxon Valdez Oil Spill Litigation
June 2007
Ninth CircuitNinth Circuit’’s May 23, 2007 Rulings May 23, 2007 Ruling
Ø Denied Exxon’s Petition For Rehearing En Banc
Ø Punitive Damage Award Stands At $2.5 Billion
Ø With Interest Is About $4.6 Billion
Ø Judge Browning Agreed With Holland On $5 Billion
Ø Review Opinion Online: www.faegre.com
What Happens Next?What Happens Next?
Ø Petition To US Supreme Court
Ø 90-day Deadline (August 21, 2007)
Ø 30 Days To Reply (September 21, 2007)
Ø Court Will Rule On Petition By End Of 2007
Ø Litigation Will Conclude By Next Summer
Petition to US Supreme CourtDeadline: 8/21/2007
Reply Deadline: 9/21/2007
Ninth Circuit’s Dec 2006 Opinion
What Happens Next?What Happens Next?
Petition Denied5/23/2007
Exxon Petitioned forRehearing En Banc 1/12/2007
Petition Denied
Ninth Circuit’s Dec 2006 Opinion
What Happens Next?What Happens Next?
Petition Denied5/23/2007
Exxon Petitioned forRehearing En Banc 1/12/2007
Petition to US Supreme CourtDeadline: 8/21/2007
Reply Deadline: 9/21/2007
Petition Denied
Ninth Circuit’s Dec 2006 Opinion
What Happens Next?What Happens Next?
Petition Denied5/23/2007
Exxon Petitioned forRehearing En Banc 1/12/2007
Supreme CourtDecision
File Briefs
Petition Granted
Oral Arguments
Petition to US Supreme CourtDeadline: 8/21/2007
Reply Deadline: 9/21/2007
Petition Denied
Ninth Circuit’s Dec 2006 Opinion
What Happens Next?What Happens Next?
Petition Denied5/23/2007
Exxon Petitioned forRehearing En Banc 1/12/2007
Funds Transferred to EQSF
Judge Holland Enters Final Judgment
Distribution of Funds to Fishermen
Supreme CourtDecision
File Briefs
Petition Granted
Oral Arguments
Petition to US Supreme CourtDeadline: 8/21/2007
Reply Deadline: 9/21/2007
A Bill Proposed To Help With Your TaxesA Bill Proposed To Help With Your Taxes
Bill # S.552 And H.R.1334 Reintroduced In CongressSpring 2007:
Ø To Help With Taxes On Your EVOS Payments
Ø Referred To The Committee On Finance And TheHouse Committee On Ways And Means
Ø Status: Pending
Ø Senators Murkowski, Stevens And RepresentativeYoung All Support The Bill
The BillThe Bill’’s Three Major Benefitss Three Major Benefits
Bill #S.552 andH.R. 1334Reintroduced in USSpring 2007
Status: Pending
(a) Income averaging of amounts received from theEVOS litigation (Jan 1, 1994 –Dec 31 of yearmoney is received)
(b) Increase contributions to retirement accounts
(c) Qualified settlement income would not be treatedas gross income derived from a trade or businessfor purposes of self employment tax
Contact your accountant or financial advisor regarding taxand financial management questions and details
$2.5 Billion At 5.9% Interest$2.5 Billion At 5.9% Interest
As Of Dec 23, 2006:
As Of June 30, 2007:
As Of Dec 31, 2007:
$4.50 Billion
4.64 Billion
4.77 Billion
Interest Is Computed Daily AndCompounded Annually Until Exxon Pays
Total Amount
Estimating Your Future PaymentEstimating Your Future Payment
What is the ballpark amount I will receive from apunitive damage award?
Many factors, such as the final punitive damageaward, interest accrued, individual final percentshares, previous payments, and liens will effect youractual future payment.
We send your deckhands their own final percentshares and their own checks.
Estimating Your S03H Punitive Damage AwardEstimating Your S03H Punitive Damage Award
Award
Plus Interest
Subtotal
$ 2,500,000,000
2,196,729,731
4,696,729,731
Percent Allocated To S03H
Total Allocated To S03H
Example Final Percent Share*
Example Gross Total
15.192%
464,551,217
.1234560%
$ 573,516
*Your Final Percent Share Was Mailed To You In June 2002
Less 3% Case Management FeeReduction for Seattle SevenReduction For Native Corps
Costs Estimate
Remainder For Distribution
19.4% For Attorneys Fees
140,901,892501,141,062211,253,737
40,000,000
3,057,807,029
745,626,010
Estimating Your S04H Punitive Damage AwardEstimating Your S04H Punitive Damage Award
Award
Plus Interest
Subtotal
$ 2,500,000,000
2,196,729,731
4,696,729,731
Percent Allocated To S04H
Total Allocated To S04H
Example Final Percent Share*
Example Gross Total
6.250%
191,112,939
.0800000%
$152,890
*Your Final Percent Share Was Mailed To You In June 2002
Less 3% Case Management FeeReduction for Seattle SevenReduction For Native Corps
Costs Estimate
Remainder For Distribution
19.4% For Attorneys Fees
140,901,892501,141,062211,253,737
40,000,000
3,057,807,029
745,626,010
THANK YOU
FOR YOUR
PATIENCE!!!!!