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New York Sues ExxonMobil for Allegedly Misleading Investors on Climate Change

The suit claims ExxonMobil defrauded shareholders by downplaying the risks of climate change.

New York Attorney General Barbara Underwood filed a lawsuit Wednesday against oil giant ExxonMobil claiming the corporation defrauded shareholders by downplaying the risks of climate change to its business. While the suit does not implicate ExxonMobil for playing a role in the creation or exacerbation of climate change, it alleges that the company engaged in a “longstanding fraudulent scheme” to deceive investors and other players “concerning the company’s management of the risks posed to its business by climate change regulation.” While Exxon reportedly advertised itself as prepared for climate-saving regulations, the suit claims it instead “employed internal practices that were inconsistent with its representations, were undisclosed to investors, and exposed the company to greater risk from climate change regulation than investors were led to believe.” The investigation has been going on for three years. The suit could result in hundreds of millions of dollars in payouts, the Times notes.