Exxon Mobil Cleared of Wrongdoing in Climate Change Lawsuit
A judge in New York has ruled in favor of Exxon Mobil, stating that the company did not mislead shareholders regarding the costs associated with climate change.
The legal battle between the New York Attorney General and Exxon Mobil has finally come to a close after a lengthy four-year investigation and subsequent trial. The lawsuit, valued at approximately $1.6 billion, commenced in October following the conclusion of the investigation. The core issue revolved around how Exxon Mobil assessed the potential financial impact of climate change. The state of New York accused the company of providing misleading information by keeping certain cost projections private while publicly disclosing others.
During the trial in October, former Exxon Mobil CEO Rex Tillerson testified, asserting that the company had diligently evaluated the potential effects of climate change and had transparently communicated this to its shareholders. Exxon Mobil countered the allegations by claiming they were driven by political motives and orchestrated by anti-fossil fuel advocacy groups. An Exxon Mobil spokesperson stated, “Today’s ruling validates ExxonMobil’s consistent stance throughout the unfounded investigation by the New York Attorney General.”
When the New York Attorney General, Eric Schneiderman, filed the lawsuit in 2015, the accusations were far more severe. He alleged that Exxon Mobil was aware of the long-term consequences of carbon emissions for decades but chose to conceal this information. Over time, the allegations have diminished, culminating in Exxon Mobil being cleared of any wrongdoing.
