Justice Alito Sells Exxon Stock After Years of Case Recusals
(Bloomberg) - U.S. Supreme Court Justice Samuel Alito has finally sold the Exxon Mobil Corp. stock that for almost a decade kept him from taking part in cases involving the world’s biggest publicly traded oil company.
Alito’s 2015 financial disclosure report, released Wednesday, shows that he or his wife sold Exxon stock valued at $100,000 to $250,000.
The stock holdings kept Alito from taking part in a 2008 case when the court cut the punitive damage award for the 1989 Valdez oil spill to $507.5 million from $2.5 billion. Alito’s absence left the court evenly split on a separate Exxon argument that might have wiped out the entire award.
Alito also sold his stakes in several other companies including Target Corp., Sysco Corp. and Kinder Morgan Inc.
Alito, Chief Justice John Roberts and Justice Stephen Breyer all have financial holdings that occasionally leave them unable to participate in the court’s work. Alito didn’t take part in this year’s Puerto Rico bankruptcy clash because of investments in the island’s municipal bonds.
Under federal law, judges can’t take part in cases if they own stock in a company that is a party. The annual disclosure form lists investments held by the justices, their spouses and any dependent children.
Inadvertent Participation
Breyer and his wife sold a handful of stocks in 2015, including Johnson Controls Inc. That holding caused a problem in October when Breyer took part in an argument involving a company unit, not realizing that he had a conflict of interest. His wife sold her $33,000 in Johnson Controls shares after a reporter inquired.
Breyer also revealed that he had received more than $120,000 from sales of his latest book, "The Court and the World."
Roberts kept all his individual stocks, other than shares of AOL Inc. he sold when it was acquired by Verizon Communications Inc.
Roberts’ form indicates he or a family member held $250,000 to $500,000 of Microsoft Corp. stock as of Dec. 31, 2015. Roberts participated two weeks later when the court agreed to hear a Microsoft appeal, suggesting he sold the stock in the interim.
Justice Clarence Thomas reported receiving a bronze bust of abolitionist Frederick Douglass valued at $6,484 as a gift from Dallas hotel owner Harlan Crow.
To contact the reporter on this story: Greg Stohr in Washington at gstohr@bloomberg.net To contact the editors responsible for this story: Craig Gordon at cgordon39@bloomberg.net Laurie Asseo, Larry Liebert
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- Ithaca Energy Studies Deal for Eni's UK Upstream Assets
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- PetroChina Posts Higher Annual Profit on Higher Production
- UK Oil Regulator Publishes New Emissions Reduction Plan
- McDermott Settles Reficar Dispute
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call