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Exxon, Insurers Settle Valdez Litigation

November 01, 1996|Times Staff and Wire Reports

Exxon Corp. said its insurers have agreed to pay $480 million to settle a portion of claims arising from the Exxon Valdez disaster. The payout comes on top of an earlier $300-million partial settlement under a separate section of Exxon's general liability policy, the Irving, Texas-based energy giant said. The agreement between Exxon and its nearly 170 insurers, including certain Lloyd's of London syndicates, represents a final resolution of all matters stemming from the Valdez accident, Exxon said. The huge claim dates to 1989, when the Valdez oil tanker ran aground, spilling more than 260,000 barrels of crude into the Prince William Sound off Alaska, causing one of the worst oil spills in U.S. history.

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