ExxonMobil beats suit in US

Oil major Exxon Mobil has won its legal battle in New York, having been accused of misleading investors about the costs of climate change.

New York's attorney general filed the lawsuit against Exxon in 2018 that maintained that the company had used two figures to calculate the risks of climate change, misrepresenting the cost in public disclosures.

However, the verdict from the Supreme Court of the State of New York was that the claim was baseless. Exxon Mobil respo9nded to the verdict with a statement that said: “Today’s ruling affirms the position ExxonMobil has held throughout the New York Attorney General’s baseless investigation. We provided our investors with accurate information on the risks of climate change. The court agreed that the Attorney General failed to make a case, even with the extremely low threshold of the Martin Act in its favour.

Furthermore the company asserted that the legal battle was a distraction, saying that such lawsuits “waste millions of dollars of taxpayer money” and “do nothing to advance meaningful actions that reduce the risks of climate change”.

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