UCF Global Perspectives

=

ExxonMobil on Trial for Climate Fraud

Emily Porterfield, Intern, Environment and Global Climate Change

October 29, 2019

New York Attorney General Leticia James insinuated that ExxonMobil officials lied to their investors about the financial cost of climate change on the company (CBS News). The corporation specifically mislead the investors on the impact of new climate change regulations on profits (The Guardian). ExxonMobil officials used two different measures for determining regulation costs, one high public estimate, and one low approximation, exclusively shown to investors (CBS News). Officials however deny this practice as problematic as the estimates did not mislead investors, and they each have “distinct and legitimate purposes” within the company (Inside Climate News).

The case against ExxonMobil will be in New York state court in Manhattan where James will present investigation into the allegations (Washington Post). James bases her position on ExxonMobil officials “downplaying” the financial impact of the regulations while hiding “tens of billions of dollars in potential costs” (Inside Climate News). ExxonMobil faces injury to its image and fines that could cost millions of dollars should the company lose the trial (Washington Post). A representative for the company claimed the allegations to be false, and projected that the court will vote in ExxonMobil’s favor (The Guardian).

https://www.washingtonpost.com/news/powerpost/paloma/the-energy-202/2019/10/22/the-energy-202-exxonmobile-goes-on-trial-over-accusations-it-misled-investors-about-climate-change-costs/5dadd4ac88e0fa3155a71283/
https://www.cbsnews.com/news/exxon-climate-change-lawsuit-kicks-off-in-new-york/
https://www.theguardian.com/business/2019/oct/22/exxonmobil-trial-climate-crisis-allegations-misleading-investors-
https://insideclimatenews.org/news/16102019/exxon-oil-sands-trial-climate-change-fraud-new-york-rex-tillerson


Tags: , , , ,