Lawyers for New York state and Exxon Mobil Corp faced off on Thursday to broach shutting arguments in a closely watched hearing in a state’s lawsuit charging that a oil vital hid from a investors a loyal costs of regulations directed during curbing meridian change.
The case, filed in Oct 2018 in Manhattan state court, was a initial of several climate-related lawsuits opposite vital oil companies to go to trial. It featured testimony from investors, experts and former Exxon Chief Executive Rex Tillerson, who flatly denied a allegations opposite a company.
Exxon’s counsel Theodore Wells began by job a box “meritless” and pronounced a state unsuccessful to offer testimony from any financier who was misled.
“The box is roughly a joke,” Wells said. “But it’s a vicious joke, your honor, since a reputations of a lot of people have been harm and disparaged by a bringing of a complaint.”
New York’s profession ubiquitous alleges that Exxon caused investors to remove adult to $1.6 billion by secretly revelation them it had scrupulously evaluated a impact of destiny meridian regulations on a business.
The association used a “proxy cost” of adult to $80 per ton of CO emissions in rich countries by 2040, though internally used total as low as $40 per ton or nothing during all, a profession ubiquitous said.
Tillerson testified that a substitute cost represented “macro level” comment of a expected outcome of destiny CO regulations around a universe on direct for hoary fuels, and was incorporated into a information beam used via Exxon.
Separately, he said, a association evaluated hothouse gas costs during a “micro level” for specific projects, when appropriate.
Wells pronounced a profession general’s box poorly conflated substitute costs with those separate, project-specific costs.
There is no jury in a trial, definition a outcome will be motionless by Justice Barry Ostrager.
Last month, only dual days after a New York hearing began, Massachusetts filed a identical lawsuit accusing Exxon of dubious investors and consumers for decades about a purpose hoary fuels play in meridian change.
Both Massachusetts and New York began questioning Exxon after news reports in 2015 observant association scientists had dynamic that hoary fuel explosion contingency be reduced to lessen a impact of meridian change.
Exxon and other oil companies including BP Plc, Chevron Corp and Royal Dutch Shell Plc face lawsuits by cities and counties opposite a United States seeking supports to compensate for seawalls and other infrastructure to ensure opposite rising sea levels brought on by meridian change.
The companies have pronounced in justice filings that they can't be hold probable for meridian change.