Exxon Mobil Corporation (Exxon) and Exxon officials filed a motion for reconsideration of a 2018 decision by a federal court in Texas that partially denied their motion to dismiss a securities fraud class action based on allegations of materially false and misleading statements concerning climate change risks. The defendants argued that the plaintiff’s theory was premised on the New York Attorney General’s allegations in its unsuccessful fraud action against Exxon under New York law. The defendants argued that the New York State’s December 2019 decision “unmasked” the Attorney General’s allegations as “entirely meritless” and that the plaintiff’s allegations in this case therefore could not meet the plausibility standard. The defendants also argued that the New York decision precluded the plaintiff’s claims under res judicata principles and that the preclusive effect defeated class certification.

Securities fraud class action against Exxon Mobil Corporation (Exxon) alleging that Exxon failed to disclose climate risks.

Ramirez v. Exxon Mobil Corp.

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Exxon Said New York State Court’s Rejection of Attorney General’s Fraud Claims Required Dismissal of Securities Fraud Action in Texas Federal Court

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Justice is the ethical and political framework that addresses fairness, including issues of responsibility, rights, and structural inequity.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives

Oil is a combustible liquid fossil fuel composed mainly of hydrocarbons, occurring as crude oil and refined into petroleum products such as petrol, diesel and kerosene.

Fossil gas, commonly known as natural gas, is a fossil fuel consisting chiefly of methane with smaller amounts of other hydrocarbons and trace gases, found in underground deposits.

Exxon Said New York State Court’s Rejection of Attorney General’s Fraud Claims Required Dismissal of Securities Fraud Action in Texas Federal Court

Fossil fuel

Greenhouse gas