NY AG claims that Exxon downplayed estimates for fossil fuels
<p class = "canvas atomic text text Mb (1[ads1].0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " In a ] lawsuit [19659004] filed Wednesday by the New York Attorney General, Exxon is accused of representing substantially fake "proxy costs" forecasts as a risk factor borne by companies whose assets and business strategies are likely to be affected by the limits of (GHG) greenhouse gas emissions. " In a lawsuit filed Wednesday by the New York Attorney General, Exxon is accused of representing materially false "proxy costs likely to be affected by greenhouse gas emissions limits. Exxon is said to have underrepresented future expenses related to several Canadian oil sands projects with more than $ 25. Exxon is said to have underrepresented future expenses related to several Canadian oil sands projects with more than 25 billion dollars.
<p class = "canvas- Atom text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " "Exxon built a facade to deceive investors to believe that the company was managing the risk of climate change regulation to its business when it actually became intentional and systematically underestimated or ignored, unlike its public representations," stated the New York State Attorney General Barbara Underwood in a press release "data-reactid =" 25 "> " Exxon built a facade to trick investors into believing that the company was able to handle the risk of the climate urges regulation to their business as it actually intentional and systematically underestimate or ignore them, unlike its public representations, "New York State Attorney Ge Neral Barbara Underwood asserted in a press release . In a statement, Exxon responded to the claims, calling them "baseless" and "the product of lobbying of special interests" , political opportunism and the lawyer's inability to admit that a three-year survey has not found a mistake. In a statement, Exxon raised the claims and called them "baseless" and "the product of lobbying of special interests, political opportunism, and the lack of advocacy of the lawyer."
"data-reactionid =" 26 "> ability to admit that a three-year survey has found no error. "
<p class =" canvas text text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" An Exxon survey was launched in 2015 by former New York State Attorney General Eric Schneiderman. The first issue of the probe was to ask if Exxon's internal research on climate change coincided with the risk presented to investors. "data-reactionid =" 27 "> A study of Exxon was launched in 2015 by former state lawyer in New York, Eric Schneiderman. The first issue of the probe was to ask if Exxon's internal research on climate change coincided with risk presentations made by investors.
<p class = "Canvas Textile Textile Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" There is no evidence to support these claims, "said Exxon," the 2016 press conference of former lawyer in New York, Eric Schneiderman, Al Gore and other democratic lawyers, a discredited media campaign and lobbying activity of anti-fossil fuel activists. " Data Reaction = "28"> There is no evidence to support these claims, "said Exxon," following a press conference of former Secretary-General of New York, Eric Schneiderman, Al Gore and other Democratic Lawyers in general , a discredited media campaign and lobby activities of anti-fossil fuel activists. "
<p class =" canvas-atom text text Mb (Schneiderman is one of several lawyers in New York as aggressively persecuted allegations of securities fraud under a broad New York Statute called " Martin Act. " , often referred to as the toughest for the defendants in the nation, is conducted by the Securities and Exchange Commission and allows AG to investigate, prosecute and recover injuries in civil fraud cases without proving fraudulent intent. "Schneiderman is one of several lawyers in New York who aggressively pursued allegations of securities fraud under a broad New York statute called the Martin Law. The law, often referred to as the toughest for defendants in the nation, takes place by the Securities and Exchange Commission and allows AG to investigate, prosecute and recover claims in civil fraud cases without proving fraudulent intent.
Rex Tillerson cited the complaint
<p class = "canvas-atom canvas text Mb (1.0em) Mb Former Exxon CEO and former US prime minister Rex Tillerson, is specifically mentioned in lawsuits, although he is not named as sued. Success claims Tillerson "for years knew that the company was different from its public representations by using another set of proxy costs from excluded internal guidance that was lower than the published proxy costs." "data-reactid =" 31 "> Former Exxon CEO and former US Secretary of State Rex Tillerson are specifically mentioned in the lawsuit, although he is not named as sued. The suit claims that Tillerson "for years knew that the company was deviating from its public representations by using another set of proxy- costs from non-revealed internal guidance that were lower than the published proxy costs. "
<p class =" canvas- Atom text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type = "text" content = " According to the complaint, Exxon used internal practices that were incompatible with its representations were not revealed to investors and exposed the company to greater risk from the regulation of climate change r than the investors were led to believe. "" data-reaction = "32"> According to the complaint, "Exxon's internal practice inconsistent with its representations was not disclosed to investors and exposed the company to greater risk from the regulation of climate change than the investors were led to to believe. "
<p class =" canvas-atom canvas text Mb em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" The complaint emphasizes Exxon's continued responsibility for using CO2 proxy costs, despite President Donald Trump's June 1, 2017 announcement to withdraw the United States from the Paris Agreement. It states that e mission regulations remain in place for governments around the world as well as for a two-party position by US states that initiated Trump's action by making independent commitments to low greenhouse gas emissions. "data-reaction =" 33 "> The complaint emphasizes Exxon's continuation responsibility for using CO2 proxy costs, despite president Donald Trumps June 1, 2017 announcement to withdraw the United States from the Paris Agreement. It states that e mission regulations remain in place for governments around the world, as well as for a two-party consensus by US states that initiate Trump's action by making independent commitments to low greenhouse gases.
<p class = "canvas -atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " The lawsuit puts an end to the alleged misrepresentation and a review of Exxon practices, as well as an unspecified amount of injuries. "data-reaction =" 34 "> The lawsuit puts an end to the alleged error representation and a review of Exxon practices, as well as an unspecified amount of damage.
<p class = "canvas-atom text text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Alexis Keenan is a New York based reporter of Yahoo Finance. She has previously produced life stories for CNN and MSNBC and is former lawyer attorney. "data-reactid =" 35 "> Alexis Keenan is a New York-based journalist for Yahoo Finance. She has previously produced life stories for CNN and MSNBC, and is former lawyer.
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