The New York State Supreme Court officially announced that ExxonMobil is now clear of the Office Attorney General’s fraud charges in misleading investors about the accounting for the cost of the future climate change regulation.In light of the situation, ExxonMobil issued its response to the Court’s verdict.
With the Attorney General accusing that ExxonMobil wasn’t honest with the investors, the New York Supreme Court Justice Barry Ostrager found that the company isn’t guilty.
Specifically the Judge, informed that the Attorney Genaral’s office failed to prove that ExxonMobil was hiding from the investors the truly financial cost of carbon emissions. “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” Judge Barry Ostrager noted in his decision.
ExxonMobil recently issued its reply to the Judge’s decision: “We provided our investors with accurate information on the risks of climate change. The court agreed that the Attorney General failed to make a case, even with the extremely low threshold of the Martin Act in its favor” the company said.
Lawsuits that waste millions of dollars of taxpayer money do nothing to advance meaningful actions that reduce the risks of climate change.
…ExxonMobil further noted.
At the same time the New York Attorney General Letitia James shared a statement in response of the situation, admitting that eventually all the investors were entitled to the truth.
As Rex Tillerson admitted at trial, all investors are entitled to the truth. For the first time in history, ExxonMobil was compelled to answer publicly for their internal decisions that misled investors. The oil giant never took seriously the severe economic impact that climate change regulations would have on the company, contrary to what they were telling the public.
…Letitia James commended.
As Ms. James announced, the Office will make every effort to ensure that all companies are held responsible for actions that undermine and jeopardize the financial health and safety of Americans across the country while it will continue fighting against the climate change.
Concluding, ExxoxMobil from its side said that will still invest in researching breakthrough technologies to low the emissions and try to meet the society’s growing energy demand.