Court upholds Exxon overcharging case
Date: 14 Jun 2003
A US appeals court in Atlanta has upheld a judgement that Exxon overcharged 10,000 gas station owners over a 12 year period.
The company will have to pay $500m in compensation for the overcharging, which began over twenty years ago with Exxon's move to charge dealers a 3 percent processing fee on petrol sales paid by credit cards. The charge was supposed to be offset by reductions in the wholesale cost of the fuel, but the reductions were ended after six months without notification.
The dealers realised what had happened in 1991, and they filed a class action suit against Exxon which was eventually won.
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In a recent article, the BBC's economics editor Robert Peston highlighted the fact that in 2012 the chances are that the economy - punch drunk as it is from the various flavours of debt crisis it has been pummelled with over the course of the year - will be hit by the collapse of a major bank and / or government.
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