The lawsuit caps a contentious and often politically charged three-year investigation into Exxon and sets the stage for what could be years of litigation involving a company that fights furiously to protect its business.
Exxon engaged in "a longstanding fraudulent scheme" to deceive investors by providing false and misleading assurances that it was effectively managing the economic risks posed by increasingly stringent policies and regulations it anticipated being adopted to address climate change, the lawsuit states.
"Instead of managing those risks in the manner it represented to investors, Exxon employed internal practices that were inconsistent with its representations, were undisclosed to investors, and exposed the company to greater risk from climate change regulation than investors were led to believe," the lawsuit said.
Read more at New York AG Sues Exxon, Says Oil Giant Defrauded Investors Over Climate Change
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