Did Exxon Mislead Investors About Climate Risks? It’s Now Up to a Judge

"Closing arguments in the oil giant’s investor fraud trial presented two competing narratives."

"Lawyers for New York State and ExxonMobil wrapped up a landmark climate fraud trial on Thursday, shaping a tangle of testimony and evidence into competing narratives on whether the oil company misled investors about the risks it faces from climate regulation.

Jonathan Zweig, who gave the closing arguments for the New York attorney general's office, described the case as a classic securities fraud trial that happened to be about climate change, which he said "may well be the defining risk for oil and gas companies like ExxonMobil in the coming decades."

Zweig said the evidence showed clearly that Exxon had misled investors by downplaying those risks significantly."

Nicholas Kusnetz reports for InsideClimate News November 8, 2019.


"Factbox: Lawsuits Over Climate Change Proliferate Across The United States" (Reuters)

"Exxon Blasts N.Y. for Walking Back Claims at End of Trial" (Bloomberg)

"Exxon Denies That It Misled Investors On Climate Risks" (AP)


Source: InsideClimate News, 11/08/2019