State judge on Tuesday ruled in favor of ExxonMobil in a wide-ranging case over whether the company misled shareholders on the effects of the business costs related to efforts to combat climate change.
The result is a victory for ExxonMobil in a case that dates back to Eric Schneiderman’s term in office.
In the ruling, Judge Barry Ostrager found the attorney general’s office “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.”
“The oil giant never took seriously the severe economic impact that climate change regulations would have on the company, contrary to what they were telling the public,” James said.
“Throughout this case, we laid out how Exxon made materially false, misleading, and confusing representations to the American people about the company’s response to climate change regulations. Exxon’s inability to tell the truth, further underscores the lies that have been sold to the American public for decades. Despite this decision, we will continue to fight to ensure companies are held responsible for actions that undermine and jeopardize the financial health and safety of Americans across our country, and we will continue to fight to end climate change.”