For years, commentators have speculated whether climate change
disclosures may result in significant numbers of claims under
directors and officers (D&O) liability policies. Such claims,
however, have been slow to materialize. Increasing interest in this
area by investors, regulators and the plaintiffs' bar, and the
recent decision in the putative securities class action pending in
the Northern District of Texas, Ramirez v. ExxonMobil Corp.,
suggest that such an increase in these types of claims could now be
on the horizon.
Activists, investors and governmental entities have made it
clear that they will continue to utilize litigation and other means
to address climate change, despite the limited success such
lawsuits have historically had in the U.S. Plaintiff firms
will continue to test various claims and theories of liability, as
they did with tobacco, asbestos and other mass tort claims. The
adequacy of corporate disclosures relating to climate change
exposures
