The legal team representing ExxonMobil attacked the idea that projected greenhouse gas costs were material to the company’s decision-making during the tenure of former CEO and chairman Rex Tillerson, who testified in Manhattan Supreme Court on Wednesday.
The New York Attorney General’s Office sued Exxon in 2018 under the state’s Martin Act, which is aimed at protecting shareholders from fraud. Prosecutors say the company released confusing and inconsistent information about how it calculates the future cost of climate change and related regulation, which allegedly misled investors.
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