Texaco Inc. asked for a retrial in the Pennzoil case.
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Texaco told the 1st Texas Court of Appeals that Pennzoil Co. improperly responded to the court’s recent ruling in the landmark case. Last month, the appeals court upheld a verdict that Texaco wrongfully interfered with Pennzoil’s planned merger with Getty Oil Co. The court also upheld an award of $7.53 billion in actual damages, but reduced punitive damages to $1 billion from $3 billion. Texaco says that under Texas court rules, it is entitled to a new trial because Pennzoil failed to agree to the revised award.
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