The state of New York alleges the oil company lied to the public about the risk climate change poses to the company. The groundbreaking civil lawsuit is being brought by New York Attorney General Letitia James, who alleges that Exxon Mobil deceived investors about the company’s management of financial risks posed by climate change. According to the AG’s office – which began the case under James’ predecessor Eric Schneiderman – Exxon falsely represented that it was applying a higher projected carbon cost to its projects than it was actually doing in its own planning and estimations, making its fossil fuel assets seem significantly less risky than they were. By using two different cost estimates, the attorney general alleges, Exxon Mobil underreported billions of dollars in potential costs, downplaying the risk to its investors and bolstering the value of its shares.
By Sarah Sax. City & State New York. October 23, 2019.
