US oil giant Exxon Mobil announced Friday it would take a $550 million charge against earnings to cover potential costs in a class action lawsuit brought by gas station dealers.
The dealers said they were overcharged for gasoline for several years. The class action lawsuit could affect 10,000 current and former dealers, AP reports. In 2001, the dealers won a $500 million verdict in federal court in Florida. Exxon Mobil, the world's largest publicly traded oil company, appealed.
On Tuesday, the U.S. Supreme Court agreed to hear part of the company's appeal, but lawyers for the dealers said the court ruling allowed most of the verdict stand. Late Friday, the company said in a statement that it would take the $550 million after-tax charge in its third-quarter financial results.
The company said that while it was taking a charge against earnings, depending on the final ruling from the Supreme Court, it might go back to the Florida court to seek "further relief" from the verdict.
Exxon Mobil said it acted in good faith and met its obligations to dealers and customers.
