Exxon Loses Bid to Nix Investors’ Suit Over Climate Change Disclosure

By Tom Korosec | August 15, 2018

Exxon Mobil Corp. must face a lawsuit by investors who blamed a drop in the company’s shares on the disclosure that regulators were scrutinizing its reserve accounting related to climate change.

U.S. District Judge Ed Kinkeade on Tuesday denied Exxon’s bid to dismiss the suit. Kinkeade wrote that the Greater Pennsylvania Carpenters Pension Fund sufficiently pleaded securities fraud claims against the oil giant and several executives, including former Chief Executive Officer Rex Tillerson.

In the case in Dallas federal court, investors said the Irving, Texas-based company refused to write down any of its oil and gas reserves in the face of declining oil prices.

On Monday, Exxon said in a court filing that the Securities and Exchange Commission concluded its investigation into the company and didn’t recommend any enforcement action.

The case is Ramirez v. Exxon Mobil Corp., 3:16-cv-3111, U.S. District Court, Northern District of Texas (Dallas).

Topics Lawsuits Climate Change

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Written By Tom Korosec

Featured Comment

August 15, 2018 at 1:41 pm

craig cornell says:

Like or Dislike:
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“in the face of declining oil prices . . .” If THAT is the basis of the suit, let’s stop pretending Climate Change is the only reason oil prices could change.

A recession could cause oil prices to fall, of course. So could new technology. Like, say fracking. Oh, wait, that actually happened! Also, more efficient technologies like cars with turbo-powered engines, hybrids, LED lighting. And oh yeah, renewables that develop to the point they are no longer reliant on government subsidies to be competitive.

In other words, normal innovation could – and will – lower oil prices.

But not in Liberal Ville. There is always and forever only one possibility: Climate Change is the only possible explanation for a future where oil prices might decline, causing a decline in oil company stocks. And you know those evil oil company executives, hiding climate change from the masses, despite the efforts of millions of Climate Zealots who use scare tactics daily to make us think about it.

(Still waiting for lefties to figure out how to sue the 90% of oil producers worldwide that are actually owned by government entities. Mexico. Russia. Saudi Arabia . . . As if.)

Latest Comments

August 21, 2018 at 12:33 pm

PolarBeaRepeal says:

Agree. Example: Rand Paul.
August 21, 2018 at 12:33 pm

PolarBeaRepeal says:

Stick to the topic, not posters. The comments made above commented on GROUPS of people, not specific people.
August 16, 2018 at 1:09 pm

bob says:

Depends on the libertarian, many of them are liars and are not libertarians when you look at their beliefs. There is a lot of overlap libertarian to conservative.