Fox News senior judicial analyst Judge Andrew Napolitano discusses the State of New York’s lawsuit against Exxon Mobile and the longterm effect of state attorneys general looking for wealth transfers.
A New York judge found Exxon Mobil not guilty in a lawsuit that accused the energy company of deceiving investors about the cost of climate-change regulations.
Continue Reading Below
Manhattan Judge Barry Ostrager said New York Attorney General Letitia James’ case didn’t prove that Exxon Mobil deceived investors but did not excuse the energy giant of any global warming accountability.
James’ office didn’t prove “that Exxon Mobil made any material misstatements or omissions about its practices and procedures that misled any reasonable investor,” Ostrager wrote.
EXXON’S DAYS AS DOG OF THE DOW ARE OVER: BANK OF AMERICA
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORPORATION | 68.90 | -0.76 | -1.09% |
“Nothing in this opinion is intended to absolve Exxon Mobil from responsibility for contributing to climate change through the emission of greenhouse gases,” he added. “But Exxon Mobil is in the business of producing energy, and this is a securities fraud case, not a climate change case.”
Exxon Mobil Corp. said the trial stemmed from a “baseless investigation.”
Ted Wells, Jr., the lead attorney for Exxon, leaves the New York Supreme Court in New York. (AP Photo/Mary Altaffer, File)
“We provided our investors with accurate information on the risks of climate change,” the Irving, Texas-based company said in a statement. “Lawsuits that waste millions of dollars of taxpayer money do nothing to advance meaningful actions that reduce the risks of climate change.”
CLICK HERE TO READ MORE ON FOX BUSINESS
The Associated Press contributed to this report.
