ExxonMobil
The $1.6 billion lawsuit brought by the New York attorney general’s office alleged that ExxonMobil deceived investors about the true cost of climate change. The trial, which began in October, was the result of a four-year investigation.
The case focused on how Exxon, the United States’ largest oil company, accounted for the future potential cost of climate change. New York’s case accused the company of misrepresenting these costs, with James arguing that the company used one set of numbers publicly, while operating with a less conservative forecast internally, reported CNBC.
ExxonMobil issued the following statement in response to the verdict from the Supreme Court of the State of New York:
“Today’s ruling affirms the position ExxonMobil has held throughout the New York Attorney General’s baseless investigation. We provided our investors with accurate information on the risks of climate change. The court agreed that the Attorney General failed to make a case, even with the extremely low threshold of the Martin Act in its favor.
“Lawsuits that waste millions of dollars of taxpayer money do nothing to advance meaningful actions that reduce the risks of climate change. ExxonMobil will continue to invest in researching breakthrough technologies to reduce emissions while meeting society’s growing demand for energy.”
In his ruling, New York Justice Barry Ostrager wrote, “The Office of the Attorney General failed to prove, by a preponderance of the evidence, that ExxonMobil made any material misstatements or omissions about its practices and procedures that misled any reasonable investor,” Judge Barry Ostrager of the trial-level state Supreme Court wrote in his ruling.
“The office of the Attorney General produced no testimony from any investor who claimed to have been misled by any disclosure, even though the Office of the Attorney General had previously represented it would call such individuals as trial witnesses,” he added.
