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Exxon prevails in climate-change lawsuit
- Bostonian 7y agoThese lawsuits are about punishing Exxon for selling a legal product, under the pretext of protecting investors. Quoting the article: “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,” Ostrager wrote in a 55-page ruling. James “produced no testimony either from any investor who claimed to have been misled by any disclosure,” while the company disclosed its use of both the proxy cost and the greenhouse gas metrics no later than 2014, the judge said.
- larnmar 7y agoI can’t quite see how suing a company on behalf of its own investors is supposed to work, but I assume that if I’m an XOM shareholder it would involve wealth being transferred from me to me via lawyers who get to take a significant cut for themselves.