Pennzoil wins a US$10.53 billion judgment against Texaco, in the largest civil verdict in the history of the United States, stemming from Texaco executing a contract to buy Getty Oil after Pennzoil had entered into an unsigned, yet still binding, buyout contract with Getty.
Pennzoil is an American motor oil brand currently owned by Shell plc. The former Pennzoil Company had been established in 1913 in Pennsylvania, being active in business as an independent firm until it was acquired by Shell in 2002, becoming a brand of the conglomerate.