New York Loses Climate Change Fraud Case Against Exxon Mobil

That, however, did not happen.

In the lawsuit against the company, filed last year under Barbara Underwood, who was attorney general at the time, the state argued that Exxon had erected “a Potemkin village to create the illusion that it had fully considered the risks of climate change regulation and it had factored those risks into its business operations.” The suit also claimed the company knew that “its representations were not supported by the facts and were contrary to its internal business practices.”

The judge accepted Exxon’s argument that its internal practices to evaluate the possible costs of regulations of greenhouse gases on future projects “do not impact the company’s financial statements and other corporate books and records” at issue in the shareholder fraud charges. He said the state had presented no testimony that any shareholder had been misled, and that a company report that the state had argued was misleading was, based on evidence presented at trial, “essentially ignored by the investment community.”

Judge Ostrager was careful to point out that the decision did not touch on the fossil fuel company’s possible role in global warming. “Nothing in this opinion is intended to absolve Exxon Mobil from responsibility for contributing to climate change in the production of its fossil fuel products,” he wrote, noting that the company “does not dispute either that its operations produce greenhouse gases

Read More At The New York Times

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