Exxon found not guilty in climate-change securities fraud trial [MSNBC.com]
Exxon Mobil Corporation (XOM)
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Source: MSNBC.com
New York’s Attorney General failed to prove that Exxon “The Office of the Attorney General failed to prove, by a preponderance of the evidence, that ExxonMobil made any material misstatements or omissions about its practices and procedures that misled any reasonable investor,” Judge Barry Ostrager of the trial-level state Supreme Court wrote in his ruling. “The office of the Attorney General produced no testimony from any investor who claimed to have been misled by any disclosure, even though the Office of the Attorney General had previously represented it would call such individuals as trial witnesses,” he added. The $1.6 billion lawsuit brought by the New York attorney general’s office alleged that Exxon deceived investors about the true cost of climate change. The trial, which began in October and was the first climate fraud lawsuit to go to trial, was the result of a four-year investigation. “Despite this decision, we will continue to fight to ensure companies are held responsible
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