I wonder when the NY Attorney General’s office will stop using fossil fuels for their activities, both professionally and personally?
NY Sues Exxon For Allegedly Defrauding Shareholders On Climate Change Risks
New York’s attorney general filed a lawsuit Tuesday against ExxonMobil for allegedly downplaying for decades the risk the company’s oil products pose on the climate, The New York Times reported Wednesday.
The lawsuit follows more than three years of investigation first orchestrated by former AG Eric Schneiderman, who resigned in April over abuse allegations from former romantic partners. The probe took many different twists and turns and seemed to come to a halt shortly after his resignation.
Exxon engaged in a “longstanding fraudulent scheme†to deceive investors, analysts and underwriters “concerning the company’s management of the risks posed to its business by climate change regulation,â€Â the lawsuit notes. (snip)
Barbara Underwood, the state’s current AG, brought the lawsuit under the Martin Act, a state law that gives her broad authority to prosecute securities fraud. The suit demands Exxon turn over any profits the company made through the alleged fraud and make restitution to investors. Exxon could be made to pay out hundreds of millions of dollar if the suit is successful.
Exxon has long stated that all these suits and investigations are simply violations of their 1st Amendment Rights, and, really, it’s dangerous and disturbing when the State uses the personal beliefs of elected employees to go after individuals and private entities using those beliefs. This is a shakedown, blackmail, extortion. Exxon should look at the relevant statutes to counter sue over abuse of power, malicious prosecution, misconduct, and so forth.
Oh, and stop selling gas in the capital city of NY State, Albany.
