WASHINGTON (AP) - The U.S. Supreme Court Tuesday rejected an appeal from a Saudi Arabian oil concern that has been trying to overturn the bulk of a $417 million judgment it was ordered to pay Exxon Mobil Corp. after a joint venture between the two fell apart.
The case was appealed to the high court from the Delaware Supreme Court, which had allowed the verdict to stand against Saudi Basic Industries Corp., also known as SABIC.
SABIC was found by a Delaware court to have secretly added a profit margin to products it supplied to a petrochemical venture between the two companies. The joint venture between Exxon Mobil and Saudi Basic Industries dates to 1980, when the two companies formed Yanbu Petrochemical Co. and Exxon Chemical Arabia. Legal wrangling between the two oil companies began in 1998 when a dispute over a polyethylene patent led to disclosure of Saudi Basic Industries' profit markups.
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http://www.lasvegassun.com/sunbin/stories/bw-scotus/2005/oct/11/101106957.html
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