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Climatewire – Exxon investigation spawns lawsuits
Millions of pages of Exxon records have been made public by New York Attorney General Eric Schneiderman as part his investigation into Exxon, however he has not yet brought charges against Exxon. But that did not stop a few lawyers from bringing actions in Texas federal courts. Zamansky LLC represents employees of Exxon in one action alleging that Exxon deceived investors by making false and misleading statements about how climate change and carbon regulations relate to Exxon’s finances, the value of its reserves, and how it plans to adapt under carbon taxes.
Zamansky LLC partner Samuel Bonderoff told Climatewire, “[w]e’re very aware of the attorney general’s action … [t]hey have been investigating this for some time [and] [w]e try to take advantage of what they find out.” Bonderoff further stated that there is “more fraud than we [originally] thought … [w]hat our case will largely turn on is not what led to the underlying fraud, [but rather] what the fiduciaries did or didn’t do.”