New York state’s lawsuit alleged that Exxon misled investors for years about the financial risks of climate change.
Exxon Mobil Corp. won a closely watched securities-fraud trial that delved into its internal accounting for the financial risks of climate change, a striking rejection of New York state’s claim that the company misled investors for years.
“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,” Ostrager wrote in a 55-page ruling. James “produced no testimony either from any investor who claimed to have been misled by any disclosure,” while the company disclosed its use of both the proxy cost and the greenhouse gas metrics no later than 2014, the judge said.
New York initially claimed that former Exxon Chief Executive Rex Tillerson had spearheaded the scheme to dupe investors and that the plan was readily adopted by his underlings. Tillerson rejected the claim under oath, while Exxon’s lawyer said New York had dragged the names of the company’s executives and engineers “through the mud” by advancing such a claim and then dropping it at the last minute.
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