The US Supreme Court has struck down a $2.5 billion punitive damages award against oil giant Exxon for its role in the 1989 Exxon Valdez oil spill in Alaska.
The high court said the award should be reduced to the amount of compensatory damages in the case – $507.5 million.
That was from June 2008. Here is a more general history. Googling "exxon valdez punishment managers" does not yield obvious answers (what other problem does that remind you of?). The CEO, Lawrence Rawl, stayed with the company four more years until the mandatory retirement age of 65. Do you know more?
Here is one report on the BP CEO.