Dismissal Motion Denied in ExxonMobil Climate Change-Related Securities Suit

As I noted when it was filed in 2016, the securities class action lawsuit investors filed against ExxonMobil and certain of its executives represented something of a milestone as it was the first securities class action lawsuit of which I am aware based on climate change-related allegations. In an August 14, 2018 opinion, Northern District of Texas Judge Ed Kinkeade largely denied the defendants motion to dismiss. The opinion contains a number of interesting features, including in particular in its discussion of the plaintiff’s climate change related allegations. Judge Kindeade’s opinion can be found here.   Background In November 2016, investors filed a securities class action lawsuit in the Northern District of Texas against Exxon alleging that the company the company had failed to adjust or delayed the adjustment of the “proved reserves” the company carried on its balance sheets. The plaintiff alleged that the proved reserves should have been…

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