Date: December 4th, 2015
Topic: Disclosures, Energy
Type: Lawsuit vs. Private Actors, Other
Jurisdiction: New York
The Martin Act criminalizes the misrepresentation of information that would-be material to an investor’s decision-making process regarding a company. New York is concerned that ExxonMobil may have taken steps to mislead the public regarding the science and risks of climate change, and that this information would have been material for an investor. ExxonMobil and its affiliates have contested the propriety of this investigation, both by disputing subpoenas and filing a countersuit. The subpoenas have been validated thus far and New York is awaiting the results of a motion to dismiss the countersuit. ExxonMobil asserts, first, that the political motivations behind the investigation create First, Fourth, and Fourteenth Amendment issues, and, second, that this use of the Martin Act violates the Dormant Commerce Clause. Read more on our U.S. Climate Litigation Database >>
Subpoena:
ExxonMobil Countersuit:
News Coverage: