Exxon Mobil Sinks ERISA Climate Change Class Action

Law360 (February 4, 2019, 9:59 PM EST) -- Exxon Mobil Corp. executives defeated a proposed Employee Retirement Income Security Act class action over the impact of climate change disclosures on workers' retirement savings when a Texas federal judge ruled Monday that the workers’ claims failed the U.S. Supreme Court’s test for stock-drop suits.

U.S. District Judge Keith Ellison’s memorandum and order tanked allegations that Exxon’s corporate officers breached their fiduciary duty under ERISA by keeping workers’ retirement savings invested in company stock in 2016 despite knowing that a forthcoming disclosure about climate change’s impact on carbon prices would send share prices plummeting.

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