Stories
Slash Boxes
Comments

SoylentNews is people

posted by martyb on Monday October 21 2019, @04:42PM   Printer-friendly
from the lies,-damn-lies,-and-statistics dept.

Arthur T Knackerbracket has found the following story:

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.

[...] 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.

[...] "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 said the scheme enabled Exxon to avoid large asset write-downs that would have represented billions of dollars in lost revenue.

The complaint points the finger at the highest levels of Exxon, including former chief executive and US Secretary of State Rex Tillerson, who "knew for years that the company's representations... were misleading," the complaint said.

An Exxon spokesman said the New York case against it "is misleading and deliberately misrepresents" the company's practices for assessing climate policies.

"The New York Attorney General's allegations are false," the spokesman said.

[...] In August 2018, the US Securities and Exchange Commission ended an investigation into Exxon's decision not to write down assets because of future climate change regulations, taking no action against the company.


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 2) by Bot on Monday October 21 2019, @05:05PM (1 child)

    by Bot (3902) on Monday October 21 2019, @05:05PM (#909924) Journal

    Well, but they took the proper steps. I mean, Trump at the White House. What more do you need?

    --
    Account abandoned.
    Starting Score:    1  point
    Karma-Bonus Modifier   +1  

    Total Score:   2  
  • (Score: 2) by dry on Tuesday October 22 2019, @04:00AM

    by dry (223) on Tuesday October 22 2019, @04:00AM (#910154) Journal

    They also heavily invested in groups like Greenpeace to unsure no competition from nuclear back in the 70's-80's