ExxonMobil Wants ERISA Climate Change Case Tossed

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...

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