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Source article: https://insideclimatenews.org/news/24102018/exxon-climate-fraud-lawsuit-new-york-attorney-general-investigation-tillerson https://insideclimaten

by tlb 7y ago

Source article: https://insideclimatenews.org/news/24102018/exxon-climate-fraud-lawsuit-new-york-attorney-general-investigation-tillerson https://insideclimatenews.org/news/24102018/exxon-climate-fr... Are there previous examples of a lawsuit over a company misleading shareholders about potential future liabilities, where the liabilities are still unknown? We still don't know how much business Exxon might lose, or how much its penalties might be, as a result of climate change. So how would you calculate which shareholders lost how much?

united893 7y ago
That's not the source. That article merely rehashes the AG PR[1] and doc [2] from 2018. This article just discusses preparations for the opening arguments due to commence. [1] - https://ag.ny.gov/press-release/ag-underwood-files-lawsuit-against-exxonmobil-defrauding-investors-regarding-financial https://ag.ny.gov/press-release/ag-underwood-files-lawsuit-a... [2] - https://ag.ny.gov/sites/default/files/summons_and_complaint_0.pdf https://ag.ny.gov/sites/default/files/summons_and_complaint_...
hughw 7y ago
There's some chance that governments worldwide will decide the costs of transforming the energy base and applying conservation measures, outweigh the benefits of possibly avoiding the increase of 2°C and attendant problems. In that case, Exxon's internal proxy GHG cost projections don't look wrong. Whether it's a securities law violation, different matter.
qtplatypus 7y ago
It is not the the future liabilities are unknown. It is that exon had information that it new that would effect those liabilities and didn’t inform the stockmarket. It isn’t up to the company to work out how much that they will loose but it is up to Exon to give the market the information they need in order to make an informed decision.

3 ms·

Source article: https://insideclimatenews.org/news/24102018/exxon-climate-fraud-lawsuit-new-york-attorney-general-investigation-tillerson https://insideclimaten

by tlb 7y ago

united893 7y ago
That's not the source. That article merely rehashes the AG PR[1] and doc [2] from 2018. This article just discusses preparations for the opening arguments due to commence. [1] - https://ag.ny.gov/press-release/ag-underwood-files-lawsuit-against-exxonmobil-defrauding-investors-regarding-financial https://ag.ny.gov/press-release/ag-underwood-files-lawsuit-a... [2] - https://ag.ny.gov/sites/default/files/summons_and_complaint_0.pdf https://ag.ny.gov/sites/default/files/summons_and_complaint_...
hughw 7y ago
There's some chance that governments worldwide will decide the costs of transforming the energy base and applying conservation measures, outweigh the benefits of possibly avoiding the increase of 2°C and attendant problems. In that case, Exxon's internal proxy GHG cost projections don't look wrong. Whether it's a securities law violation, different matter.
qtplatypus 7y ago
It is not the the future liabilities are unknown. It is that exon had information that it new that would effect those liabilities and didn’t inform the stockmarket. It isn’t up to the company to work out how much that they will loose but it is up to Exon to give the market the information they need in order to make an informed decision.