Judge Refuses to Upset $10-Billion Texaco Judgment
- Share via
HOUSTON — 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.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
