Exxon Mobil Corporation (Exxon) moved to transfer a consolidated shareholder derivative action in the federal district court for the District of New Jersey to the Northern District of Texas, where a putative federal securities class action filed in 2016 and a consolidated federal derivative action filed in 2019 are pending. Exxon told the District of New Jersey that the cases in Texas raised “substantially the same allegations and same causes of action against the same defendants,” including allegations that Exxon officers made misleading statements about Exxon’s use of “proxy costs of carbon.” Exxon requested, in the alternative, that the District of New Jersey stay proceedings until the first-filed Texas suits were resolved.

Shareholder derivative lawsuit against Exxon Mobil Corporation directors and officials concerning alleged misrepresentations of the company's use of proxy costs of carbon.

In re Exxon Mobil Corp. Derivative Litigation

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Exxon Sought to Move New Jersey Shareholder Derivative Litigation to Texas

Filed

United States of America

New Jersey

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Exxon Sought to Move New Jersey Shareholder Derivative Litigation to Texas

Policy instrument

Just transition

Fossil fuel

Greenhouse gas

Adaptation/resilience