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Exxon wins first-of-its-kind
climate change case against New York

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Posted By: StormCnter, 12/10/2019 11:01:44 AM

ExxonMobil won a first-of-its-kind climate change fraud trial on Tuesday, as a judge rejected the state of New York's claim that the oil and gas giant misled investors in accounting for the financial risks of global warming. New York Supreme Court Justice Barry Ostrager said the state failed to prove that Exxon violated the Martin Act, a broad state law that does not require proof of intent of shareholder fraud. “The office of the Attorney General failed to prove, by a preponderance of the evidence, that ExxonMobil made any material misstatements or omissions about its practices and procedures that misled any reasonable investor,”

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Reply 1 - Posted by: DVC 12/10/2019 11:09:29 AM (No. 257969)
A good result. NYC and NY state are real sewers, headed up by lunatics who believe in the equivalent of the Bad Tooth Fairy instead of reality. But of course, any monetary losses will be paid by the taxpayers, not by the slimeball government thugs who caused this mess. Too bad it can't come directly out of their personal finances.
18 people like this.

Reply 2 - Posted by: volksford 12/10/2019 11:23:31 AM (No. 257979)
Account for the financial risks of a scam theory ......yea , that makes a lot of sense.
8 people like this.

Reply 3 - Posted by: jacksin5 12/10/2019 11:34:41 AM (No. 257992)
The taxpayers can only be soaked for so much until they revolt. Hence these extortion suits against Big Oil. Big Pharma, Big Tobacco, etc. Or course, Big Tech is somehow exempt.
12 people like this.

Reply 4 - Posted by: JayD 12/10/2019 11:36:38 AM (No. 257996)
More of this, please.
6 people like this.

Reply 5 - Posted by: TJ54 12/10/2019 11:45:58 AM (No. 258006)
I think it is long past time for the Stock Exchanges to leave New Yawk
6 people like this.

Reply 6 - Posted by: Starboard_side 12/10/2019 12:16:38 PM (No. 258027)
An interesting thing about government bond issuance's by municipalities where flooding and other things are supposed to occur, is they don't state such dire consequences in their bond prospectus'. So, are municipalities committing fraud on their investors of the bonds? Or, is the scam that they need the scheme of fear to increase government rules, regulations and revenues? (a different type of "three R's")
4 people like this.

Reply 7 - Posted by: Boston Federalist 12/10/2019 12:18:35 PM (No. 258028)
These companies have to actually defend these foolish political-stunt lawsuits. Usually they agree to some silly "Consent Decree" so the politician can crow about a "victory over the oil companies." C'mon, oil companies, take 'em to the hoop, like ExxonMobil did here.
6 people like this.

Reply 8 - Posted by: udanja99 12/10/2019 12:34:03 PM (No. 258043)
How can you mislead someone about something that doesn’t exist?
10 people like this.

Reply 9 - Posted by: bhkat 12/10/2019 1:42:52 PM (No. 258098)
Anyone tired of winning yet? This result tastes sweet. Not as sweet as Chevron winning the Ecuador case and causing Donzinger to lose his law license but still sweet.
3 people like this.

Reply 10 - Posted by: Old Army Vet 12/10/2019 3:27:55 PM (No. 258159)
What phony crap. I'm tired of hearing about the weather from people that think if it snows in Cleveland the entire earth in getting colder.
2 people like this.

Reply 11 - Posted by: sw penn 12/10/2019 4:01:39 PM (No. 258180)
Now watch the corrupt lawyers guild the people call government change the law and come back for another bite of the apple... "It's what they do... It's all they do... And they will never stop!"
0 people like this.

Reply 12 - Posted by: lakerman1 12/10/2019 4:17:53 PM (No. 258193)
The NY State attorney general is a black female lawyer who is the ultimate affirmative action mistake.
2 people like this.

Reply 13 - Posted by: zoidberg 12/10/2019 4:44:28 PM (No. 258212)
This was NOT a climate change case. “Nothing in this opinion is intended to absolve Exxon Mobil from responsibility for contributing to climate change through the emission of greenhouse gases, But Exxon Mobil is in the business of producing energy, and this is a securities fraud case, not a climate change case.” -Judge Barry Ostrager
0 people like this.

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