REUTERS: Exxon Mobil Corp on Tuesday was due to face trial in a lawsuit by New York's attorney general accusing it of misleading investors about the risks of climate change regulations to its business.
"The New York Attorney General's allegations are false," Exxon said in a statement."We tell investors through regular disclosures how the company accounts for risks associated with climate change. We are confident in the facts and look forward to seeing our company exonerated in court."The attorney general sued Exxon in October 2018 under the Martin Act, a New York state law that had been used primarily to go after financial fraud.
The attorney general also accused the company of failing to account properly for the costs of potential regulation in determining the value of its oil and gas reserves, or whether to write down the value of its assets.