12/10/2019, 5:54 PM (Source: TeleTrader)
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Exxon wins climate change-related fraud suit

Exxon Mobil Corp. was found not guilty of defrauding its investors over climate change risks to the company's business, a New York Supreme Court judge ruled on Tuesday.

Supreme Court Justice Barry Ostrager stated in his ruling that the Office of the Attorney General failed to prove that the company made any "material misstatements or omissions about its practices." He added that he is not absolving the oil giant from the responsibility of contributing to climate change by producing fossil fuel products.

Last year, the suit was brought by the New York Attorney General Letitia James who called the court to investigate ExxonMobil's risk management policy regarding climate change. According to James, it was allegedly improperly reported to its shareholders.

Breaking the News / NL