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Judge rules Exxon can sue activist shareholder over climate proposal

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A federal judge in Texas said Exxon Mobil's lawsuit to bar a climate change proposal from activist investor Arjuna Capital can proceed.

A federal judge in Texas said Exxon Mobil's lawsuit to bar a climate change proposal from activist investor Arjuna Capital can proceed.

U.S. District Judge Mark Pittman for the Northern District of Texas ruled that Exxon's lawsuit can proceed against Boston-based Arjuna Capital, but dismissed the oil major's claim against a second activist shareholder, Follow This, because the firm is based in the Netherlands.in January after they submitted a proposal to be tabled at the May 29 annual shareholder meeting that called for the company to accelerate carbon dioxide emissions reductions.

Pittman said Arjuna and Follow This were following a "Trojan Horse" model in which they aggregate enough shares in oil companies to vote and submit proposals aimed at fighting climate change.

 

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