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COMPANY NEWS COMPANY NEWS; EXXON WINS $416 MILLION AWARD IN CONTRACT DISPUTE ByReuters March 22, 2003 Exxon Mobil said yesterday that it had won a
COMPANY NEWS
COMPANY NEWS; EXXON WINS $416 MILLION AWARD IN CONTRACT DISPUTE
ByReutersMarch 22, 2003
Exxon Mobil said yesterday that it had won a jury verdict of more than $400 million in a contract dispute with a Saudi Arabian business partner. Saudi Basic Industries, the country's largest nonoil company, overcharged Exxon Mobil licensing fees in two joint ventures to make chemicals for plastics. The verdict came after a two-week trial in Delaware Superior Court. Saudi Basic benefited from the surcharge by about $833.7 million since 1980, and Exxon's award of $416.8 million was based on half that benefit because the oil company owned half of both joint ventures, said David Lender, a partner at Weil, Gotshal & Manges, which represented Exxon Mobil.
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
