Oil giant Exxon Mobil Corp. says it won't appeal hundreds of millions of dollars in interest on punitive damages resulting from the 1989 Exxon Valdez oil spill.
The Irving, Texas-based company will pay $470 million in interest on more than $507.5 million in punitive damages awarded after the 11-million gallon spill of crude in Prince William Sound.
Exxon spokesman Alan Jeffers tells the Anchorage Daily News the payment will be made in the next few days. Jeffers didn't immediately return a message left Monday by The Associated Press.
The decision is a turnaround for the company. Exxon Mobil since the mid-1990s has appealed court rulings on punitive damages.