US oil giant Exxon Mobil has won a lawsuit in the state of New York which accused it of misleading investors about the potential costs of climate change to its business.
Exxon Mobil won the lawsuit after a New York judge ruled that the evidence presented by the company supported its claim that it used two figures to calculate the risks of climate change for different purposes.
The state of New York filed the case against Exxon claiming that it misled investors about how climate change regulation could potentially affect its business. However, Exxon claimed that it provided investors with the necessary information and that the accusations are politically motivated.
In the court filings, the state claimed that internal documents reveal that Exxon made evaluations of new projects based on forecasts for costs associated with climate change that were lower than those it told investors it was using, making the investments appear less risky and more valuable.
Judge Barry Ostrager of Manhattan Supreme Court said: "What the evidence at trial revealed is that Exxon Mobil executives and employees were uniformly committed to rigorously discharging their duties in the most comprehensive and meticulous manner possible."
Exxon celebrated the victory saying: "Today's ruling affirms the position ExxonMobil has held throughout the New York Attorney General's baseless investigation. We provided our investors with accurate information on the risks of climate change."
"Lawsuits that waste millions of dollars of taxpayer money do nothing to advance meaningful actions that reduce the risks of climate change," Exxon added.
However, New York Attorney General Letitia James said that despite the loss, the lawsuit forced Exxon to "answer publicly" about its decision-making related to climate change.
She added:Â "We will continue to fight to ensure companies are held responsible for actions that undermine and jeopardize the financial health and safety of Americans across our country, and we will continue to fight to end climate change."
