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Share Price: 503.70
Bid: 503.80
Ask: 503.90
Change: -6.70 (-1.31%)
Spread: 0.10 (0.02%)
Open: 506.40
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Low: 499.60
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UPDATE 1-District of Columbia sues 4 oil majors for misleading consumers on climate change

Thu, 25th Jun 2020 17:00

(Adds comment from Exxon, comments from Racine press
conference)

By Valerie Volcovici

WASHINGTON, June 25 (Reuters) - The attorney general for the
District of Columbia on Thursday filed a lawsuit against Exxon
Mobil Corp, BP Plc, Chevron Corp, and
Royal Dutch Shell Plc for "systematically and
intentionally misleading" consumers about the role their
products play in causing climate change, the latest action by a
U.S. attorney general against the oil and gas industry.

The lawsuit brought by Attorney General Karl Racine comes a
day after Minnesota AG Keith Ellison filed a lawsuit against the
American Petroleum Institute, Exxon Mobil and Koch Industries
for violating state laws barring consumer fraud, deceptive trade
practices and false advertising.

"The defendants violated the District’s consumer protection
law by concealing the fact that using fossil fuels threatens the
health of District residents and the environment," Racine said
in a statement.

The intent of the legal action is to "end these
disinformation campaigns and to hold these companies accountable
for their deceptive practices,” he said.

Casey Norton, a spokesman for Exxon, said the lawsuit is
part of a "coordinated, politically motivated" campaign against
energy companies.

"The claims are baseless and without merit. We look forward
to defending the company in court," he said..

The other companies were not immediately available for
comment.

Racine told reporters on Thursday that his office only
learned of Minnesota's lawsuit when it was filed yesterday and
had been preparing this long before.

Minnesota and D.C.'s lawsuits are the latest in a string of
legal challenges by states, cities, and citizen groups targeting
fossil fuel companies over their role in global warming.

Counterparts in California, New York and Massachusetts also
filed lawsuits against oil majors but the Minnesota and DC
lawsuits focus on consumer protection.

Racine said the named companies "sought to create a false
picture" about the environmental harm that fossil fuels cause,
even as they "pivot their marketing efforts" to portray their
products as clean.
(Reporting by Valerie Volcovici
Editing by Marguerita Choy)

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(Alliance News) - Stock prices in London closed mixed Monday, with oil majors holding down higher gains in the FTSE 100 index.

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London close: Stocks manage positive finish after mixed session

(Sharecast News) - London's financial markets experienced a mixed trading day on Monday, with the FTSE 100 and FTSE 250 indices closing in positive territory after spending much of the session in the red.

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BP investors want oil firm to approach BAE chief as CEO- Sky News

Jan 6 (Reuters) - Some of BP's largest shareholders have urged the company to approach BAE Systems Chief Executive Charles Woodburn about becoming the British oil giant's next boss, Sky News reported on Saturday, citing unidentified sources.

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BP investors want oil behemoth to target BAE chief as CEO- Sky News

Jan 6 (Reuters) - Some of BP's largest shareholders have urged the company to approach Charles Woodburn, the BAE Systems chief executive, about becoming the company's next boss, Sky news reported on Saturday. (Reporting by Devika Nair in Bengaluru; Editing by Jan Harvey)

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