Nautilus Marine Enterprises, Inc. v. Exxon Mobil Corporation
Annotate this CaseIn 2006, Exxon Mobil Corporation and Exxon Shipping Company settled with two seafood processors, Nautilus Marine Enterprises and Cook Inlet Processing. The parties disputed whether the Settlement Agreement required interest to be compounded annually, or whether the federal District Court was free to award simple or compound interest at its discretion. Exxon filed an action in the Alaska Superior Court seeking a declaratory judgment. The superior court found that the parties did not intend that prejudgment interest had to be compounded annually, but rather that they intended to reserve this issue for the District Court to decide. Because the superior court’s interpretation of the Settlement Agreement was not clearly erroneous, the Supreme Court affirmed.
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