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Exxon accused of climate change "fraud"



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The state of New York has taken legal action against ExxonMobil, accusing the oil giant of misleading investors about the risks of climate change.

Exxon allegedly ignored the potential costs of new greenhouse gas regulations, although he ensured that investors had taken the risks into account.

The company called the claims "groundless" and politically motivated.

She promised to fight the allegations in court. [1

9659005] Exxon "looks forward to disproving these claims as soon as possible and dismissing this honorable civil action," said spokesman Scott Silvestri.

The lawsuit filed by Superior Barbara Underwood at the New York Supreme Court follows years of government investigation.

It accuses Exxon of assessing new projects based on forecasts of climate change costs lower than those reported to investors.

These calculations enabled the company to cut costs by billions of dollars.

"As a result of Exxon's fraud, the company was exposed to a much greater risk of climate change regulation than investors believe," it said in the complaint

The top management, including former managing director Rex Tillerson – who later became US Secretary of State – were aware of the decision to downplay costs, he added.

Exxon, who has tried to block the investigation, has (19659005) In 2016, shareholders filed a lawsuit stating that Exxon misled investors by failing to disclose their own research on climate change and its associated risks have.

Shareholders later voted to oblige the company to assess the risks of climate change.

The US Securities and Exchange Commission, a federal financial regulator, has also reportedly investigated the company's climate change revelations.

However, the agency closed the investigation without charge, the Wall Street Journal reported

. New York City had previously sued Exxon and other oil companies for their responsibility for climate change, but one judge dismissed the lawsuit in July.


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