NY sues Exxon Mobile for allegedly deceiving investors about climate regulations

New York accused Exxon of misleading investors of believing that the Company included the risk of increased regulation of climate change in business planning.

"Exxon built a facade to deceive investors to believe that the company was able to handle the risk of future climate change to the business as it was actually deliberate and systematically underestimating or ignoring them, unlike its public representations," said law firm in a statement.

The case also claims that Exxon Mobil's former CEO Rex Tillerson, who briefly served as State Secretary under President Trump, knew about the fraud.

"Exxon's management, including former chairman and CEO (CEO) Rex W. Tillerson knew for years that the company was diverging from its public representations," said the law firm in a statement.

Exxon Mobil responded to the lawsuit by calling the lawyer's general investigation "fainted." [1[ads1]9659002] "These groundless accusations are a product of lobbying with special interests, political opportunism and the lawyer's inability to admit that a three-year investigation has not found any mistake," stated Exxon Mobil in the statement. "The company looks forward to opposing these claims as soon as possible and rejecting this meritless civil action case. "

Bill McKibben, a prominent environmentalist and co-founder of 359.org, a climate change speaker, issued a statement in support of the lawsuit.

"Big Oil can finally have some consequences for its role in destroying the climate," said McKibben. "The New York Attorney General stands up for investors who may have been cheated, and indirectly for the 7 billion of us who will suffer from Exxon's liar."