Exxon Mobil Shares Offloaded By Supreme Court Judge Alito

After being barred from participating in cases involving the world’s biggest publicly traded oil company ExxonMobil Corporation (NYSE:XOM) for almost a decade, U.S. Supreme Court Judge Samuel Alito finally sold his shares in the entity.

Per the financial disclosure report of 2015 released by Alito, either he or his wife sold ExxonMobil stock valued at $100,000–$250,000.

Alito’s stock holdings in ExxonMobil kept him from taking part in a 2008 case pertaining to the 1989 Exxon Valdez oil tanker oil spill. The tanker had sunk, thereby spilling 240,000 barrels of crude oil into Alaska's Prince William Sound. Notably, the court had reduced the punitive damage charges to $507.5 million from $2.5 billion. With Alito stepping down from the case, the court evenly split on a separate ExxonMobil argument that might havewaived the entire charge.

Per the Wall Street Journal, Alito had received the ExxonMobil stock as a bequest in May 2004. However, the source of the bequest was not revealed.

Notably, the Supreme Court Judge has also sold his shares in companies like Target Corp. (NYSE:TGT) , Sysco Corp. (NYSE:SYY) and Kinder Morgan Inc. (NYSE:KMI) .

Under federal law, judges can not participate in cases if they are a party or own stock in the involved company. The annual disclosure form lists investments held by the justices, their spouses and any dependent children.

Apart from Alito, Chief Justice John Roberts and Justice Stephen Breyer too have financial holdings in several companies. This often prevents them from participating in cases related to these companies. In fact, Alito had to stand down from this year’s Puerto Rico bankruptcy case because of his investments in the territory’s municipal bonds.

ExxonMobil is one the leading oil companies in the world that engages in oil and natural gas exploration and production, petroleum products refining and marketing, chemicals manufacture, and other energy-related businesses. Approximately 83% of Exxon’s earnings are generated from its operations outside the U.S.

ExxonMobil carries a Zacks Rank #3 (Hold).