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ARTICLE · 26 DECEMBER 2019

The Importance Of Public Disclosures Of Climate Change-Related Risks

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The Supreme Court of New York recently dismissed a claim brought by the Office of the Attorney General of New York State against ExxonMobil Corporation...

CanadaLitigation, Mediation & Arbitration
Goodmans LLP
Goodmans LLP
Peter Kolla
Peter Kolla
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The Supreme Court of New York recently dismissed a claim brought by the Office of the Attorney General of New York State against ExxonMobil Corporation, which alleged that Exxon misled investors about the risks posed to its business by potential climate change regulation. The case illustrates the increasing scrutiny that public companies face in Canada and the United States regarding public disclosures related to the impacts of climate change and the importance of accurately reporting climate change-related risks.

The Allegations

In 2018, following a lengthy investigation, the Attorney General commenced a claim against Exxon under provisions of New York statutes that prohibit deceitful practices that mislead the public. The claim alleged that Exxon participated in a "longstanding fraudulent scheme" designed to "create the illusion that it had fully considered the risks of future climate change regulation and had factored those risks into its business operations".

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