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HomeBusinessClimate / EnvironmentExxon Mobil received favorable verdict on climate change lawsuit

Exxon Mobil received favorable verdict on climate change lawsuit

By Caribbean News Global fav

NEW YORK, USA – Exxon Mobil received a favorable verdict on Tuesday in a ruling by Justice Barry Ostrager in a Manhattan Supreme Court. The Judge ruled Exxon did not deceive stockholders of up to USD$1.6 billion by concealing the real cost of climate change regulation. Justice Barry Ostrager made his ruling after a trial that contained testimony from stockholders and former chief executive officer (CEO) Rex Tillerson.

In his ruling, Justice Ostrager wrote, “What the evidence at trial revealed is that ExxonMobil executives and employees were uniformly committed to rigorously discharging their duties in the most comprehensive and meticulous manner possible….The testimony of these witnesses demonstrated that ExxonMobil has a culture of disciplined analysis, planning, accounting, and reporting.”

The judge concluded that the New York State attorney general lacked evidence that investors were deceived.  Attorney General Letitia James disclosed in a statement that her office “will continue to fight to ensure companies are held responsible for actions that undermine and jeopardize the financial health and safety of Americans.”

“We provided our investors with accurate information on the risks of climate change,” spokesman Casey Norton said in a statement.

Exxon statement in response to the verdict from the Supreme Court of the State of New York, December 10: “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 favor.

“Lawsuits that waste millions of dollars of taxpayer money do nothing to advance meaningful actions that reduce the risks of climate change. ExxonMobil will continue to invest in researching breakthrough technologies to reduce emissions while meeting society’s growing demand for energy.”

In his ruling, New York Justice Barry Ostrager wrote, “What the evidence at trial revealed is that ExxonMobil executives and employees were uniformly committed to rigorously discharging their duties in the most comprehensive and meticulous manner possible….The testimony of these witnesses demonstrated that ExxonMobil has a culture of disciplined analysis, planning, accounting, and reporting.”

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