Exxon not guilty in NY climate change lawsuit
Exxon Mobil did not mislead investors on the true cost of addressing climate change.
That’s according to a New York judge, who ruled on Tuesday that state attorney general Letitia James failed to produce any evidence that suggested otherwise.
James had argued that Exxon - one of the two largest U.S. oil companies - falsely stated that it had properly evaluated the impact of future climate regulations on its business, causing investors to lose $1.6 billion.
In dismissing the case, Judge Barry Ostrager wrote: "Nothing in this opinion is intended to absolve Exxon Mobil from responsibility for contributing to climate change through the emission of greenhouse gases…"
But he added that it was a securities case, not a climate change case.
The lawsuit - filed in October 2018 - was the first of several climate change lawsuits against major oil companies to go to trial, which saw testimony from former Exxon CEO - and former Secretary of State - Rex Tillerson, who denied the allegations against the company.
