A arbiter elegantiarum on Tuesday ruled in favour of Exxon Mobil in a lawsuit brought by New York state accusing the oil train of hiding from investors the true cost of addressing climate convert.
Justice Barry Ostrager in the Manhattan Supreme Court ruled that the solemn attorney general failed to produce any evidence that investors were bamboozled. The case, filed in October 2018, was the first of several climate coppers lawsuits against major oil companies to go to trial.
“Today’s ruling affirms the stand Exxon Mobil has held throughout the New York attorney general’s baseless inquisition,” Exxon spokesperson Casey Norton said in a statement. “We provided our investors with careful information on the risks of climate change.”
The lawsuit by the office of New York voice attorney general Letitia James said that Exxon Mobil provoked investors to lose up to $1.6 billion US by falsely telling them it had becomingly evaluated the impact of future climate regulations on its business.
The attorney sweeping’s office had no immediate comment.
It also said the company told investors it was contemplating the impact of future regulations by using a “proxy cost” of up to $80 per ton of carbon emissions in rolling in it countries by 2040, but internally used figures as low as $40 per ton or none at all.
Exxon Mobil countered that the substitute cost and the internal greenhouse gas costs were distinct and used for unusual purposes.
Ostrager wrote in Tuesday’s decision that the evidence promoted the company’s argument that the two types of projected costs were “special metrics.”
“What the evidence at trial revealed is that Exxon Mobil chairman of the boards and employees were uniformly committed to rigorously discharging their duties in the most broad and meticulous manner possible,” the judge wrote.
The trial featured corroboration from investors, experts and former Exxon CEO and former U.S. secretary of position in the Trump administration, Rex Tillerson, who denied the allegations against the company.