To the Point
Exxon Mobil goes to court
The world’s biggest oil company is on trial in New York for defrauding investors out of $1.6 billion. It’s accused of hiding the real value of fossil fuels in the era of climate change.
By Warren Olney • • 11m ListenThe world’s biggest oil company is on trial for defrauding investors out of $1.6 billion. Exxon admits it used two sets of books to evaluate assets, including Canadian tar sands. The suit claims that in one set of books, Exxon planned its operations taking into account climate change. But the other set of books, shown to investors, painted a far rosier and misleading future for the fossil fuel giant. Rex Tillerson is on the witness list. He was the CEO of Exxon before President Trump named him Secretary of State. If Exxon loses, others suits may follow, and the company could potentially owe millions of dollars in damages to its investors.
