On Wednesday the Supreme Court announced that it would be cutting the $2.5-billion punitive damages awarded in the wake of the1989 Exxon Valdez disaster. The case was filed on the behalf of nearly 33,000 Alaskans, who have waited 14 years for a final resolution, while Exxon fought tooth and nail to repeal the decision.

It was a 5-3 decision, with Justice Samuel Alito removed from the proceedings, as his ownership of Exxon stock would have caused a conflict of interests.

The court ruled that the victims of the worst oil spill in U.S. History were entitled to punitive damages from the company, however the court decreed that $2.5-billion was too high. Justice David Souter stated in a court filing that punitive damages may not exceed what the company already paid to compensate victims for economic losses. So in accordance with this statement the court lowered the award to $5-million. According to Exxon, the company has already paid $3.4-billion in response to the accident, well over the $2.5-billion punitive damages award brought before the court.

Under the $2.5-billion judgment, each person would have received about $75,000, now that amount has been reduced to about $15,000.

Since 1994 Exxon has been battling to reduce or erase the initial $5-billion punitive damages verdict awarded by an Alaskan jury for the accident that dumped 11-million gallons of oil into the Prince William Sound, effectively destroying all sea life and economic opportunity in the area.