Environment

Judge tosses Exxon Mobil lawsuit against activist shareholder Arjuna over climate proposal

Dado Ruvic | Reuters

A federal judge in Texas on Monday dismissed a controversial lawsuit by Exxon Mobil against activist shareholder Arjuna Capital over a climate proposal, ruling that the firm’s promise it would not resubmit the proposal had rendered the case moot.

“Arjuna has eliminated any case or controversy between the Parties here, Exxon’s claim is moot and must be dismissed without prejudice,” U.S. District Judge Mark Pittman for the Northern District of Texas wrote in his ruling.

Exxon had sued Arjuna Capital and another shareholder, Follow This, in January over a proposal they had submitted for oil major’s May 29 annual shareholder meeting calling for the company to accelerate carbon dioxide emissions reductions.

This is a developing story. Please check back for updates.

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