NEW YORK — Former Attorney General Eric Schneiderman may be gone from office, but the lawsuit be began against oil giant Exxon Mobil Corp. is back in the spotlight.
Stemming from an investigation that started four years ago, the state’s lawsuit against Exxon Mobil alleging the company mislead investors is set to go to trial in state Supreme Court in Manhattan on Oct. 23.
Schneiderman abruptly stepped down in May 2018 amid allegations of abuse against four women he knew. Now his successor, Attorney General Letitia James, is carrying on with the ambitious, potentially high-risk, high-reward suit that alleges Exxon Mobil failing to disclose to investors how the cost of climate change could impact the company’s bottom line.
James is using the Martin Act, an expansive statute designed to protect against stock fraud, to allege that the oil giant should have disclosed the downsides to its future profits in light of the environmental challenges and subsequent costs that fossil fuel use is having on the environment.
Environmentalists have praised, but opponents see it as an example of attempts to use the courts to change social or economic policy that should be left to elected lawmakers.
“This is an important case,” said Boyden Gray, a lawyer …read more
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