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Home / Business / Exxon can not avoid state-of-the-art climate change probes, Richter says

Exxon can not avoid state-of-the-art climate change probes, Richter says



Exxon Mobil Corp.'s attempt to derail a multilevel fraud investigation into the company's public commentary on climate change flared up in front of a New York court.

U.S. Manhattan District Judge Valerie Caproni dismissed Exxon's lawsuit on Thursday claiming that New York and Massachusetts officials conspired with environmental groups to plan for securities fraud sounding and were considering the pre-launch outcome

New York federal and state courts Texas, to stop the state soundings, "Exxon went" on the adage that the best defense is a good offense, "Caproni said in her verdict.

The gain provides progress for New York's Attorney General Eric Schneiderman and his counterpart In Massachusetts, Maura Healey, to end their investigations, which have been delayed by litigation, they will eventually decide if Exxon will provide enough evidence of Exxon's wrongdoing to sue the energy giant for damages.

Scott Silvestri, Exxon spokesman said the company is reviewing the decision judgment of the judge and evaluate the next steps.

"We believe in the risk that climate change is real and we want to be part of the solution," said Silvestri. "We've invested around $ 8 billion in energy efficiency and low carbon technologies like carbon capture and next generation biofuels."

The lawyers argued that Exxon unlawfully attempted to use the state court system

States have been investigating since 201

5 whether Exxon has misled the public and investors about the reality of climate change, including the possible impact on the finances of the country company. They also investigate whether Exxon adequately valued its reserves based on what its scientists projected.

Exxon claimed that the evidence of political motivation included meetings of advocates-general with environmental organizations and Schneiderman's statement at the press conference, environmentalists of former President Barack Obama Richter said the company offered "extremely thin accusations and speculative inferences."

"The factual allegations against the AGs amount to statements made at a single press conference, a gathering of meetings with climate change activists," she wrote. "Some statements at the press conference may have been hyperbolic, but nothing that has been said can be read as an explanation of political revenge against Exxon."

Healey said in a statement that Thursday's verdict is a turning point in an investigation that was hampered by Exxon's refusal to cooperate.

"Massachusetts customers and investors deserve Exxon's answers about what they know about the effects of burning fossil fuels on their business and the planet, and whether they've hidden that information from the public." Healey said.

Schneiderman was also satisfied with the decision.

"The court found that Exxon's allegations in this lawsuit were" implausible "and unsupported, while their strategy led to a kind of" legal jiu-jitsu "that was nothing but a" huge waste of time and money ". "He said in a statement.


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