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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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time
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082889
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08288900.002
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1990-09-17
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BUSINESS, Page 57Business NotesLITIGATIONA Lawsuit as Big as Alaska
When Exxon reckoned in July that it would spend nearly $1.3
billion to clean up its Alaskan oil spill, liability lawyers knew
that was just the beginning. In Anchorage last week the state of
Alaska filed a civil suit against the petroleum giant and the
owners of the trans-Alaska pipeline, seeking unspecified damages
that could total billions of dollars. Alaska charges the oil
companies with deceiving the public about the safety of the
shipping operation and with incompetence in the cleanup.
Alaska v. Exxon et al is likely to break some courtroom
records. Robert LeResche, who heads the state's investigation of
the spill, believes the legal wrangling will last at least a
decade. "Out of the approximately 150 suits filed against Exxon,
this is the big one," says Bryan Jacoboski, who follows the oil
industry for Paine Webber. "It will keep Exxon's stock from going
anywhere for a long time."