🚨🚨 After a years-long investigation, the NYAG pulls the trigger on the Exxon climate fraud suit.
Here's old coverage from one wrinkle of the probe involving Rex Tillerson, which was revealed when he was secretary of state. courthousenews.com/fraud-probe-un…
Here's old coverage from one wrinkle of the probe involving Rex Tillerson, which was revealed when he was secretary of state. courthousenews.com/fraud-probe-un…
"Exxon provided false and misleading assurances that it is effectively managing the economic risks posed to its business by the increasingly stringent policies and regulations that it expects governments to adopt to address climate change," 91-page suit ag.ny.gov/sites/default/… 
To get a sense of the enormous scope of this suit, check out its Table of Contents.
The four counts leveled in state court in Manhattan:
1) Martins Act Securities Fraud
2) Persistent Fraud and Illegality
3) Actual Fraud
4) Equitable Fraud
The four counts leveled in state court in Manhattan:
1) Martins Act Securities Fraud
2) Persistent Fraud and Illegality
3) Actual Fraud
4) Equitable Fraud
No dollar amount specified in actual damages, disgorgement and restitution sought, or the NYAG's press release for that matter. But the numbers in the body of the complaint suggest it would be very high.
The #ExxonKnew probe has been likened to the suit that tamed big tobacco.
The #ExxonKnew probe has been likened to the suit that tamed big tobacco.
To get a sense of what it could amount to, this is only one allegation that the NYAG makes.
"Exxon undercounted projected greenhouse gas-related costs by as much as 94% – equal to about $11 billion – in an economic forecast for its Kearl oil sands asset in Alberta."
"Exxon undercounted projected greenhouse gas-related costs by as much as 94% – equal to about $11 billion – in an economic forecast for its Kearl oil sands asset in Alberta."
AG Underwood's statement is included in her thread.
