Exxon’s Sitting on Key Records Subpoenaed in Climate Fraud Investigation, N.Y. Says

This article discusses a NY-based lawsuit against Exxon. New York’s new attorney general isn’t letting up on the oil giant. Investigators want to know if it misled investors and the public about climate change.

ExxonMobil has yet to turn over key financial records subpoenaed by state investigators over a year ago in a climate fraud inquiry, New York’s attorney general told a judge in new court filings.

New York Attorney General Barbara Underwood asked Judge Barry Ostrager to order the oil giant to obey the state’s subpoenas, saying that company employees had told investigators that the records are readily accessible.

At issue are records that document the company’s estimates of how future limits on global warming pollution would affect its sales of oil and gas.

Known as “proxy costs,” these estimates are thought to be laid out in the cash flow spreadsheets that Underwood’s office is seeking. They could be crucial to understanding whether the assets that underlie Exxon’s value as a company might be stranded if fossil fuels have to be left in the ground to stave off climate change.

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