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.
To move forward with this type of...
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!