ExxonMobil was found guilty of fraud in the climate change accounting case

On December 10, 2019, a New York state judge ruled Tuesday that ExxonMobil Corp. (XOM) was not guilty of fraud, saying the state attorney general failed to prove that the oil giant cheated investors on how to calculate the regulatory costs of future climate change. After nearly three weeks of civil trials, the ruling was a victory for Exxon Mobil, which spent years defending the case. The company is defending similar charges in other state and federal courts. In a 55 page judgment, New York State High Court judge Barry ostrager said the state attorney general's office failed to prove ExxonMobil had violated the Martin act or other similar laws. The Martin act is a wide range of anti fraud laws, usually used to trace financial crimes. A spokesman for ExxonMobil said the ruling confirmed the company's position that it provided investors with accurate information.