Earth Protect Blog

Shared from the 10/25/2018 The Denver Post eEdition

NEW YORK SUES OIL GIANT, SAYING IT MISLED INVESTORS

NEW YORK » New York’s attorney general on Wednesday sued Exxon Mobil, saying the Texas energy giant has misled investors about the risks that climate change poses to its operations.

The lawsuit filed by Attorney General Barbara Underwood is the latest in a series of actions against the company claiming it has not been forthcoming with investors and the public about climate change.

The complaint states that Exxon courted investors such as the state’s public pension funds with inaccurate information, assuring them it was accounting for the possibility of stricter regulations of greenhouse gas emission in its planning, when it was doing much less than it claimed.

“Exxon built a facade to deceive investors into believing that the company was managing the risks of climate change regulation to its business when, in fact, it was intentionally and systematically underestimating or ignoring them, contrary to its public representations,” Underwood said in a statement.

“Exxon Mobil looks forward to refuting the claims and getting the lawsuit dismissed,” spokesman Scott Silvestri said Wednesday.

“These baseless allegations are a product of closed-door lobbying by special interests, political opportunism and the attorney general’s inability to admit that a three-year investigation has uncovered no wrongdoing,” Silvestri said in an email. — The Associated Press

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