New York’s attorney general is investigating whether Exxon Mobil 'lied' about climate change risks
AG using costly legal battles to hurt energy companies
November 5, 2015
The New York Times has posted an article saying the New York attorney general has begun a sweeping investigation of Exxon Mobil claiming the company "lied" to the public about the risks of climate change or to investors about how those risks might hurt the oil business. According to the article, Attorney General Eric T. Schneiderman issued a subpoena Wednesday evening (Nov. 4, 2015) to Exxon Mobil, demanding extensive financial records, emails and other documents.
The Attorney General’s office is investigating the company’s activities back in the late 1970s alleging Exxon Mobil funded groups that disagree with what is being called "climate change science". The AG’s office contends society has a great need to limit fossil fuel use. By using their broad legal powers to investigate "financial fraud", they are using a strategy to create costly legal battles for energy companies claiming they inadequately warned investors about potential financial risks stemming from how their activities impact the climate.
In a separate investigation, for the past two years the New York Attorney General’s office has been investigating Peabody Energy, the nation’s largest coal producer, over what it contends are "proper" financial risk disclosures related to climate change.
The article says the Exxon Mobil investigation might expand further to encompass other oil companies. This is being equated to a legal assault by state attorney general offices on fossil-fuel companies similar to the lawsuits against tobacco companies in recent decades, costing those companies tens of billions of dollars for their legal fees and in penalty payments to the government.
Click on this link to read the full article: Exxon Mobil Under Investigation in New York Over Climate Statements