NY attorney general wields powerful weapon in Exxon climate case

[kristopher]

NY attorney general wields powerful weapon in Exxon climate case
NEW YORK | BY MICA ROSENBERG

A near century-old statute that gives New York state prosecutors unusually broad authority to prosecute securities fraud could prove a powerful weapon as Attorney General Eric Schneiderman probes Exxon Mobil Corp (XOM.N) over whether the oil firm mislead the public and shareholders about the perils of climate change.

The 1921 Martin Act, a wide-reaching state law, was dusted off in the early 2000s by former New York Attorney General Eliot Spitzer who used it to aggressively go after Wall Street firms.

Since then, it has been used to prosecute large-scale Ponzi schemes, major investment banks accused of misleading investors and other cases.

Now, Schneiderman is wielding the statute in his probe of Exxon, the world's largest publicly traded oil company, according to a source familiar with the matter. The source said other state laws could be used as well.

Schneiderman subpoenaed Exxon on Wednesday...

http://www.reuters.com/article/2015/11/07/us-exxon-mobil-climatechange-case-idUSKCN0SW01M20151107

[paul ofnoclique]

1. I miss Spitzer

If this country weren't so damn Puritan, he'd have made a kickass President.