Judge Refuses to Upset $10-Billion Texaco Judgment

A judge today refused to act on a motion to overturn a $10.53-billion judgment against Texaco Inc. for interfering with a proposed merger.

The action by State District Judge Solomon Casseb had the effect of denying Texaco a new trial in a landmark legal dispute against Pennzoil Corp.

A state district court jury found last November that Texaco had interfered in Pennzoil’s efforts to merge with Getty Oil. A month later, Casseb upheld the jury’s award and added interest to bring the total to more than $11.1 billion, the largest damage award in U.S. history.

Casseb “in essence just halted all action on the motion for a new trial,” said Pennzoil spokesman Mickey Gentry. He said Casseb has until Monday to rule on Texaco’s motion, but his action today made that unlikely. A Texaco spokesman, said the company was “surprised and gravely concerned” by today’s action.