NY’s Exxon Suit Brings Wall Street Into Climate Change Fight
Law360 (October 29, 2018, 7:31 PM EDT) -- New York Attorney General Barbara Underwood’s lawsuit alleging ExxonMobil understated the business risks posed by climate change could prompt investors to move their money elsewhere and serve as an economic incentive for companies to change their strategies to account for climate change and its costs, experts say.
Exxon allegedly based business decisions on a lower estimated cost of complying with environmental regulations than the figure it provided investors, downplaying the need to write off oil and gas assets, Underwood said. The state’s claims could prompt shareholders concerned about the financial or social costs of climate change to reevaluate their investments, said...
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