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March 1, 2013

Court of Appeals of Maryland Overturns $1 Billion Punitive Damages Award

On behalf of Thomas Costello of Costello Law Group 

On February 26, 2013, the Court of Appeals of Maryland issued an important opinion regarding claims of fraud in the case of Exxon Mobil Corporation v. Albright, et al., No. 15, September Term 2012. The decision overturns a $1 billion punitive damage award against Exxon Mobil Corp. While the case does not involve the purchase or sale of securities, the decision will impact the type of proof necessary in Maryland to prove a claim of fraud based upon disclosures to a government entity. This 132 page opinion will need to studied closely by Maryland practitioners to determine how it may impact securities fraud claims based upon false statements made to government regulators.

A full copy of the opinion can be found at: http://mdcourts.gov/opinions/coa/2013/15a12.pdf