Trial set in New York on Exxon's climate statements

phys.org | 4/14/2016 | Staff
echoleaecholea (Posted by) Level 3
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Charges that Exxon Mobil misled investors on the financial risks of climate change will be heard in court this month after a New York judge gave the green light for a trial.

The litigation dates to October of last year when the New York Attorney General filed suit against the oil giant on behalf of investors victimized by the alleged fraud.

Barry - Ostrager - New - York - Judge

Barry Ostrager, a New York judge, rejected motions on Wednesday night and set a trial to begin next Tuesday.

The lawsuit alleges that Exxon defrauded investors by claiming to fully account for the financial impact of future climate change mitigation policies, when it was not actually doing so.

Suit - Exxon - Costs - Actions - Mitigation

The suit accuses Exxon of deliberately underestimating the costs, including actions that would be required under aggressive mitigation policies to limit warming to two degrees Celsius (3.6 degrees Fahrenheit), such as those envisioned in the 2015 Paris climate accord.

"As a result of Exxon's fraud, the company was exposed to far greater risk from climate change regulations than investors were led to believe," according to the complaint, which...
(Excerpt) Read more at: phys.org
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