Exxon wins first-of-its-kind climate change case against New York

ExxonMobil won a first-of-its-kind climate change fraud trial on Tuesday as a judge rejected the state of New York's claim that the oil and gas giant misled investors in accounting for the financial risks of global warming.

New York Supreme Court Justice Barry Ostrager said the state failed to prove that Exxon violated the Martin Act, a broad state law that does not require proof of intent of shareholder fraud.

“The office of the Attorney General failed to prove, by a preponderance of the evidence, that ExxonMobil made any material misstatements or omissions about its practices and procedures that misled any reasonable investor,” Ostrager wrote in a 55-page ruling, deciding the case without a jury.

Exxon celebrated the ruling, saying it confirms their argument that addressing climate change is a shared global challenge better handled through public policy and that litigation threatens to undermine cooperation between the industry and policymakers.