Damages
S3 Bonus: A Verdict
May 9, 2023
A recent verdict in Guyana ruled against the oil company and government in an insurance case. The judge criticizes Exxon for their actions and orders enforcement notice. The ruling establishes a standard worldwide and emphasizes the power of judicial review. The podcast also explores the dangers of offshore drilling and the importance of a level playing field in business.
30:19
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Quick takeaways
- The ruling in the insurance case against Exxon and the Guyanese EPA sets a precedent for citizens to hold companies accountable and emphasizes the importance of proper insurance coverage.
- The judge's ruling demonstrates a commitment to environmental protection and shows that the court system can prioritize public and environmental interests over corporate influence.
Deep dives
Verdict on Kiana's offshore oil project puts country at financial risk
The recent verdict in a case involving Kiana's Environmental Protection Agency (EPA) and an Exxon subsidiary highlights the risks associated with the offshore oil project. The case argued that the EPA failed to require sufficient liability coverage from Exxon Mobile for potential damages related to oil drilling. The judge ruled that the EPA had put Kiana and its people in grave danger by not enforcing compliance. The ruling emphasized the importance of financial assurance and the need for proper insurance coverage. This decision sets a precedent for citizens to hold companies accountable and protect the public interest.
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