NEW YORK - Exxon Mobil Corp won a major victory in a closely-watched lawsuit on Tuesday when a judge ruled that the company did not defraud investors out of up to US$1.6 billion by hiding the true cost of climate change regulation.
Attorney General Letitia James said in a statement that her office"will continue to fight to ensure companies are held responsible for actions that undermine and jeopardise the financial health and safety of Americans." She did not say whether she would appeal."We provided our investors with accurate information on the risks of climate change," spokesman Casey Norton said in a statement.
Exxon Mobil countered that the proxy cost and the internal greenhouse gas costs were distinct and used for different purposes.
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