Landmark Exxon Climate Change Case Heads To Trial
By Keith Goldberg
Oct. 18, 2019
The Big Question
For all the battles Exxon and the attorney general’s office have fought in federal and state courtrooms and the press since former Attorney General Eric Schneiderman launched a probe of the company in 2015, experts say the key issue at trial is pretty straightforward: Did Exxon’s alleged internal use of a climate-related financial assessment different from the one it outlined to investors constitute a material misstatement?
“At the end of the day, if Exxon lied to investors and said they were somehow taking into account the cost of climate change regulation on their business model … and they actually weren’t taking it into account, that would be fraud,” said Ronald Colombo, a securities law professor at Hofstra University’s Maurice A. Deane School of Law. “That’s it in a nutshell.”
Read the full article on the Law360 website.