Exxon found not guilty in New York climate-change securities fraud trial, ending 4-year saga [View all]
Source: CNBC
New York’s Attorney General failed to prove that Exxon mislead shareholders over the true cost of climate change, a judge ruled Tuesday, ending the oil giant’s multiyear battle against the state.
“The Office of the Attorney General failed to prove, by a preponderance of the evidence, that ExxonMobil made any material misstatements or omissions about its practices and procedures that misled any reasonable investor,” Judge Barry Ostrager of the trial-level state Supreme Court wrote in his ruling.
“The office of the Attorney General produced no testimony from any investor who claimed to have been misled by any disclosure, even though the Office of the Attorney General had previously represented it would call such individuals as trial witnesses,” he added.
The $1.6 billion lawsuit brought by the New York attorney general’s office alleged that Exxon deceived investors about the true cost of climate change. The trial, which began in October and was the first climate fraud lawsuit to go to trial, was the result of a four-year investigation.
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PUBLISHED TUE, DEC 10 2019 10:30 AM EST UPDATED 6 HOURS AGO
Pippa Stevens
@PIPPASTEVENS13
Read more: https://www.cnbc.com/2019/12/10/exxon-did-not-mislead-investors-a-new-york-judge-ruled-on-tuesday.html
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