Exxon Win Casts Doubt On Climate Securities Fraud Suits
By Keith Goldberg (December 10, 2019, 8:35 PM EST) -- Exxon Mobil Corp.'s resounding victory over New York's allegations that it duped investors about the climate change-related risks to its business shows that government officials and investors will have a tough time using securities laws to pursue climate-related suits against energy companies.
A New York state judge said Tuesday that state Attorney General Letitia James' office failed to support its blockbuster allegations that Exxon made material misstatements about how it accounted for climate-related risks and that its climate disclosures had a material impact on investors. That's the threshold for sustaining claims under the Martin Act, the powerful New York securities law...
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