NY State alleges ExxonMobil knew risks of climate change and defrauded investors

Are there previous examples of a lawsuit over a company misleading shareholders about potential future liabilities, where the liabilities are still unknown? We still don't know how much business Exxon might lose, or how much its penalties might be, as a result of climate change. So how would you calculate which shareholders lost how much?

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#5

Post by heyoni » Thu, Aug 08, 2019, 10:17 PM UTC

Does this stuff ever get us anywhere? I just looked at the AG's website and it looks like we're constantly suing every high powered entity in America: https://ag.ny.gov

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#6

Post by irq » Thu, Aug 08, 2019, 10:17 PM UTC

OrgNet wrote: post #2

sounds like a 5 trillion settlement would be appropriate in this case...

Probably even more than that, when you consider how many more years the planet will be dealing with Exxon's BS, even if they were to cease operations today.

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#7

Post by DoofusOfDeath » Thu, Aug 08, 2019, 10:18 PM UTC

At first blush, this seems like rough justice to me.

Based on cynical assumptions, I'm guessing that the NY AG actually has an axe to grind about ExxonMobil's political/PR efforts regarding climate change, but couldn't pursue them because of First Amendment protections.

And so the AG is grasping at other legal straws within the same general topic area.

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#8

Post by united893 » Thu, Aug 08, 2019, 10:18 PM UTC

tlb wrote: post #4

Source article: https://insideclimatenews.org/news/24102018/exxon-climate-fr... Are there previous examples of a lawsuit over a company misleading shareholders about potential future liabilities, where the liabilities are still unknown? We still don't know how much business Exxon might lose, or how much its penalties might be, as a result of climate change. So how would you calculate which shareholders lost how much?

That's not the source. That article merely rehashes the AG PR[1] and doc [2] from 2018.

This article just discusses preparations for the opening arguments due to commence.

[1] - https://ag.ny.gov/press-release/ag-underwood-files-lawsuit-a...

[2] - https://ag.ny.gov/sites/default/files/summons_and_complaint_...

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#9

Post by kmlx » Thu, Aug 08, 2019, 10:26 PM UTC

heyoni wrote: post #5

Does this stuff ever get us anywhere? I just looked at the AG's website and it looks like we're constantly suing every high powered entity in America: https://ag.ny.gov

i recommend this essay about how absolutely crazy the AG role actually is: https://repository.jmls.edu/cgi/viewcontent.cgi?article=1913...

Re: NY State alleges ExxonMobil knew risks of climate change and defrauded investors

#10

Post by rolltiide » Thu, Aug 08, 2019, 10:27 PM UTC

kmlx wrote: post #9

heyoni wrote: post #5

Does this stuff ever get us anywhere? I just looked at the AG's website and it looks like we're constantly suing every high powered entity in America: https://ag.ny.gov

i recommend this essay about how absolutely crazy the AG role actually is: https://repository.jmls.edu/cgi/viewcontent.cgi?article=1913...

Now explain the New York AG and why it seems others are twiddling their thumbs in comparison

Or perhaps they are active against multinational corporations but arent physically close enough to the media for it to ever surface?