Cities v. Fossil Fuels: Exxon’s Allies Want the Accusers Investigated

"The SEC is being asked to investigate if the cities suing over climate change should have told bond investors more about climate risks. The cities are pushing back. "

"The elbowing for advantage between ExxonMobil and the California cities and counties suing the oil giant for billions of dollars in climate change damages has spread to the U.S. Securities and Exchange Commission.

Exxon alleged in a Texas court earlier this year that in selling municipal bonds, the local governments may have withheld critical information from buyers about their vulnerability to sea level rise. That would cast a poor light on the cities' claims that Exxon knew about climate risks but ignored them in its own financial disclosures.

Now two industry-friendly groups are turning the tables and asking the SEC to investigate the cities and counties for possible fraud. The Competitive Enterprise Institute and the National Association of Manufacturers complained to the SEC's Public Finance Abuse Unit of a breach of federal disclosure laws."

David Hasemyer reports for InsideClimate News April 30, 2018.

Source: InsideClimate News, 05/01/2018