The New York Times today reports that a controversial settlement reached between the State of New Jersey and Exxon Mobile Corporation was years in the making and a pragmatic choice given the possibility of no settlement at all, even though the final figure of $225 million fell far short of the state’s original target of $8.9 billion.
Negotiations in the settlement were constrained by agreements that were reached between Exxon and prior administrations, reaching as far back as 1991. The Christie Administration points out that, at that time, Exxon had agreed to clean up sites where potential damage had occurred, and ultimately paid more than $200 million to that end by 2013.
A senior official in the administration also notes that the final settlement was wrought out of a framework that had been established by Governor Jon S. Corzine, the Democratic predecessor to Christie, whose $550 million offer was rejected by Exxon in 2008.
For the full story, read here.