New Jersey announces $225 million Exxon settlement after originally seeking $8.9 billion

Markets Associated Press

New Jersey has announced a settlement with Exxon Mobil that it says is the largest environmental settlement in state history, even though it is far less than the state initially sought.

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Acting Attorney General John J. Hoffman said in a statement Thursday the $225 million settlement over refinery sites in Linden and Bayonne is separate from Exxon Mobil's obligation to clean up the sites.

The settlement has been criticized by Democratic lawmakers who note that the state initially sought $8.9 billion in damages. A judge found the company liable but no damage amount had been determined.

Last month the two sides told the judge to delay his ruling because a settlement was imminent.

The case was brought in 2004 and charged that Exxon's petroleum refining plants contaminated the land and water.