Judge orders Exxon to pay gas stations (overcharged for more than 10 yrs)

[UpInArms]

http://news.moneycentral.msn.com/breaking/breakingnewsarticle.asp?feed=OBR&Date=20050520&ID=4466971

LOS ANGELES (Reuters) - A federal judge has ordered Exxon Mobil Corp. to pay damages to more than 10,000 gas station owners who were overcharged for their gasoline for more than a decade, a ruling that could cost the company $1.3 billion, an attorney for the plaintiffs said on Friday.

An Exxon spokeswoman said the company would appeal.

Under the order handed down in Miami by Judge Alan Gold on Wednesday, Exxon would have to pay the class members damages of 1.3 cents a gallon for every gallon of gasoline they bought from the company during the 1983-1994 period, attorney Mark Dikeman said.

In some cases the potential recoveries are more than $1 million, he added.

The suit was filed in May 1991, and Exxon's liabilities were established at trial in 2001, but payments were delayed while Exxon appealed. Those efforts were ultimately unsuccessful, and with accrued interest Exxon now potentially owes the class members $1.3 billion.

...more...

[insane_cratic_gal]

1. LOL Karma is a bitch

Weren't the gripping they made so much money the last 2 quarters they didn't know what to do with it all?

Whelp, those gas station owners look more then happy to help you figure it out!

[Career Prole]

2. Did the 10,000 gas station owners in the class action

pass any of the overcharge on to their customers? The article doesn't say.
If that's the case the customers are the injured party.
Where's my money, Exxon? :eyes:

[TheFarseer]

5. My uncle used to own an Amaco station

and he said he hardly made any money of gas. He made it all in the mechanic shop. (Eventually he just abandoned selling gas because the gov't said his tanks were leaking and he didn't want to pay to fix them.) I wonder if it is still that way with the high gas prices. I imagine it is.

[napi21]

7. I had two friends who also owned their own stations.

Same deal, no $$ in Gas. Both of 'em finally stopped selling gas and just did repair work.

[orwell]

3. 1.3 Billion

Pocket change for the world's largest oil company.

They'll take it out of petty cash...

And remember...this is "free market" America...energy companies would never cheat or collude or price fix because it's un-American...

[Demit]

4. 1.3 cents here, 1.3 cents there, soon you're talking about $1.3 billion

Cough it up, Exxon. You're busted.

[bullimiami]

6. after youve said 1.3 cents a hundred billion times it does.

[Brooklyn Michael]

8. As Nelson would say....

[yellowcanine]

9. What about the customers who bought the gas? Didn't they actually

pay for the overcharge? It's not as if the stations didn't pass it on, is it?

[wallwriter]

10. Exxon has 25 billion in CASH, according to Fortune Mag,

And that was a number of months ago, with many weeks of price gouging since. Plus, they just got a new round of utterly undeserved tax cuts. 1.3 billion is chump change to them.

[dweller]

11. hmmm...and the one Exxon station in my town

has the lowest price/gal as of this morning. I was stunned to see they were at $2.09/gal when i passed them. Most others are still hovering around $2.15-$2.17.

and it's still TOO much.

dp

[Javaman]

12. wow, does this mean as a buyer of exxon gas I will get money too??

Sorry I just crack myself up sometimes.

[gratuitous]

13. Exxon is probably not too worried

After all, they have yet to pay the first dime on the judgments against them for destroying Prince William Sound with their tanker Valdez.

However, for death penalty proponents, I will say that I would favor the death penalty for individuals if there was a concomitant death penalty for corporations.

[Roland99]

14. Tort Reform! Where's that Tort Reform??

[yellowcanine]

16. I am for tart reform. Tarts should make a decent wage and have healthcare.

[XemaSab]

15. Exxon is the Great Satan

n/t