New York State is Suing Exon

The US judiciary is beginning to challenge some of the US corporations which most egregiously misrepresent the real costs of global warming.  Last month the Attorney General  in New York filled a lawsuit against Exon for defrauding their investors.  Below are some experts from an article in the New York Times

 

Excerpts from a New York Times editorial, Nov 26, 2018

“Late last month, Attorney General Barbara Underwood filed a fraud lawsuit against the company. Exxon responded with a 38-page brief basically denying everything. And Judge Ostrager has set a trial date for October of next year.”

“The case is not a rehash of the copiously documented charge that Exxon had for years subsidized climate change denialist groups even as its own scientists were acutely aware of the dangers of global warming. “

“Nor does the suit hold the company responsible for climate change,”

“Instead, the suit is a straightforward shareholder fraud case contending that Exxon deceived investors by saying publicly that it had fully accounted for the risks of climate change while in fact deliberately minimizing and, in some cases, ignoring these risks when making its business decisions.”

“These actions, the suit charges, inflated the company’s value by making it appear to be on firmer financial footing than it actually was.”

In one example, the suit charges, the company failed to apply publicly stated proxy costs to 14 oil sands projects in Alberta, leading to undercounting future regulatory expenses by $25 billion.

“To all of this, Exxon has two main responses.”

“First, it says, the attorney general misunderstands the way the company calculates and applies costs. “

“Second, echoing what the company has said from the beginning, it claims that the inquiry is basically a witch hunt inspired by interest groups and Mr. Schneiderman, a politically ambitious Democrat.”

The image at the top of this page is glacial rocks in Teton National park.  
As in most places that still have a few remnant glaciers,
those in the Tetons are very small
to nonexistent these days.

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