By Michael Phillis (April 5, 2017, 2:01 PM EDT) -- Exxon Mobil Corp. asked a Texas federal court on Tuesday to dismiss a putative class action suit brought by current and former employees under the Employee Retirement Income Security Act that alleges the oil giant hid its knowledge of climate change causing its retirement plan to lose value, arguing that the company made proper disclosures and the complaint didn't meet the standard set by precedent.
The company said the lawsuit didn't reach the standard set in Fifth Third Bancorp v. Dudenhoeffer that governs claims under ERISA. Exxon said plaintiffs who allege nonpublic information shows an employer's stock was overvalued must plausibly...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!