Exxon Mobil wins lawsuit over climate rules

NEW YORK — Exxon Mobil won Tuesday in a closely watched lawsuit over the costs of climate change, with a judge saying there was no proof the energy giant duped investors about the toll that regulations could take on its business.

New York Attorney General Letitia James’ office didn’t prove the company made any material misstatements “that misled any reasonable investor,” state judge Barry Ostrager in Manhattan wrote in dismissing the case.

“Nothing in this opinion is intended to absolve Exxon Mobil from responsibility for contributing to climate change through the emission of greenhouse gases,” he added. “But Exxon Mobil is in the business of producing energy, and this is a securities fraud case, not a climate change case.”

Exxon Mobil Corp. hailed the ruling.

“We provided our investors with accurate information on the risks of climate change,” the Irving, Texas-based company said in a statement. “Lawsuits that waste millions of dollars of taxpayer money do nothing to advance meaningful actions that reduce the risks of climate change.”

James, however, said the case “laid out how Exxon made materially false, misleading and confusing representations to the American people about the company’s response to climate change regulations.”

“The oil giant never took seriously the severe economic impact that climate change regulations would have on the company,” the Democrat said.

The suit sought an estimated $476 million to $1.6 billion in restitution to shareholders. It also was seen as something of a bellwether for how investors view energy companies’ prospects in light of global warming and the regulations it’s expected to spur.