It’s All Good – New Jersey Judge Approves NJDEP’s Controversial $225 Million Settlement with ExxonMobil
After months of controversy, public comments, response to public comments, motions to intervene, amicus briefs, oral arguments, editorials and a sustained flurry of activity in social media, the decision we have been waiting for is here – Judge Michael J. Hogan granted NJDEP’s motion to approve the consent judgement with ExxonMobil that settles out for $225 million the State’s original $8.9 billion claimed for natural resource damages.
Based on initial reports on the ruling, the court found that the settlement amount was a reasonable compromise in light of the risks still attached to the complex and costly litigation that has lasted more than a decade, including the risk of a number of appeals preserved by ExxonMobil through the years. Initial reports also indicate that the court found that NJDEP’s damages estimate was rational and the settlement was consistent with the Spill Act and with the public interest.
It can be fully expected that the coalition of environmental groups and State Senator Raymond Lesniak, who have been leading the charge in challenging the settlement as a dirty deal and woefully inadequate, will strongly disagree with the ruling and take steps to overturn it.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
Join Our Mailing List
Stay up to date with the latest insights, events, and more