EXONERATED

In an 11-to-one decision by the Texas state court jury, US-based oil company Exxon Corporation won US $250 million from Lloyd's of London, underwriting syndicates, and other insurers that sold policies to save Exxon from liabilities like the one that came after the Exxon Valdez oil spill. The court said that the insurance underwriters should act according to the policy that covered Exxon as the owner of around 11 million gallons of oil spilled into Prince William Sound, Alaska, in 1989. The Supreme Court rejected Exxon's attempt to avoid a lawsuit filed in the federal court in New York by more than 100 of its insurers charging that the oil company's own negligence led to the disaster.