A judge on Tuesday ruled in favor of Exxon Mobil Corp in a lawsuit brought by New York state accusing the oil company of hiding from investors the true cost of addressing climate change.
Justice Barry Ostrager in Manhattan Supreme Court ruled that the state attorney general failed to produce any evidence that investors were misled. The case, filed in October 2018, was the first of several climate change lawsuits against major oil companies to go to trial.
The lawsuit by the office of New York State Attorney General Letitia James said that Exxon Mobil caused investors to lose up to $1.6 billion by falsely telling them it had properly evaluated the impact of future climate regulations on its business.
See Alt-Wheels Notes #17 for more.
I’m not surprised. It seemed to me that the suit was taking the wrong tack.
Let’s see what happens with suits brought by other states. I still think a domino is going to fall somewhere, leading to a collapse.