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Justice Ostrager Frees ExxonMobil From Climate Change Fraud

Material misstatements have not been made by ExxonMobil ruled a New York Judge on Tuesday. This has released Exxon Mobil from its climate change fraud in New York.

Judge Barry Ostrager has ruled that ExxonMobil has not misled investors. There is no proper proof that any practice or procedure has been made by ExxonMobil in their accounting statement to mislead the investor, states Judge Ostrager. It is a baseless investigation said the Attorney General.

It was alleged that ExxonMobil had misled investors and accurate information has not been provided on the climate change risks. Material misrepresentations that have been made in the financial statements have misled investors was the case against the company by the office of the New York Attorney General.

The New York attorney general officials now claim that the state is reviewing the decision made by Judge Ostrager. They continue stating that the company has not factored the risks of climate change into its business operations.

Greenpeace has extended its support to the New York lawsuit, calling Exxon’s claim as deceptive. Senior climate campaigner Vicky Wyatt states that Exxon has to take responsibility for knowingly bringing in climate change for decades.

Wyatt states that as climate impact gets worse, accountability has increased, and it is an issue that gets support from investors, communities, and leaders.

Exxon states that the company will continue its investment in research and bring in a breakthrough technology that will address emission issues.

Rex Tillerson, the former chairman of ExxonMobil, has testified for the company. Justice Ostrager has ruled that Exxon is not liable on any account for the case made and that Exxon had not violated the Martin Act.

Attorney General Letitia James, however, claims that Exxon has to answer for the misleading internal decisions that have kept investors in the dark. “We will continue to fight against companies that jeopardize the environment and financial health of America,” she says.

Joyce Solomon
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ASSOCIATE EDITOR At Global Industry News 24

Joyce Solomon completed B.E. in Computer Engineering and started working as a Technology Analyst. But, her zeal to write the latest trends in the Technology domain persuaded her to work as an Associate Editorial for Global Industry News 24’s Technology domain news section. She has a total experience of approximately 5 years. By providing excellent-quality news reports, she has made a significant contribution to Global Industry News 24’s Technology section. Her leadership and problem-solving skills have always helped her to rise above the challenges. Along with the strong writing skills and a very good grasping power, Joyce is passionate about learning the latest technology and tools that can help her advance her productivity.

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