Exxon found not guilty in $1.6B climate-change securities fraud trial.
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.
“Today’s ruling affirms the position ExxonMobil has held throughout the New York Attorney General’s baseless investigation,” Exxon spokesperson Casey Norton said in a statement. “We provided our investors with accurate information on the risks of climate change.
“Federal courts would have to respect this ruling under principles of res judicata, but it is conceivable that someone could allege violations of the federal securities laws and sue Exxon,” he said. In the years since, the case narrowed in scope. Ultimately, it was under New York’s Martin Act — a 1921 law meant to protect investors from false statements from corporations, even if the company wasn’t intentionally trying to be deceptive.
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