The Texaco Star Strikes Out in Houston

A judge upholds a landmark jury decision and awards Pennzoil $11.1 billion

In the world of megadollar mergers, it is perhaps only fitting that court fines are also measured in billions. Three weeks ago, a Houston jury ordered Texaco to pay Pennzoil $10.5 billion in damages for snatching Getty Oil away from Pennzoil in a takeover battle. Judge Solomon Casseb last week was due to review the decision. He could uphold, overturn or reduce the award. Journalists, high-priced lawyers, Wall Street traders and more than 200 onlookers last Tuesday squeezed into a cramped fifth-floor room in the Harris County Civil Courts Building, anticipating a decision. Casseb's verdict was expected at 1:30 p.m., but...

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