Description: Stockholder derivative action asserting Exxon Mobil Corporation officers and board members misled shareholders about climate change risk.
City of Birmingham Retirement and Relief System v. Tillerson
Filing Date Type File Action Taken Summary 12/02/2019 Complaint Download Complaint filed. Shareholder Derivative Suit Filed Against Exxon in New Jersey Federal Court for Allegedly Misleading on Climate Risks. The City of Birmingham Retirement and Relief System filed a stockholder derivative complaint in the federal district court for the District of New Jersey against Exxon Mobil Corporation officers and board members seeking damages for breaches of fiduciary duties, waste, and unjust enrichment. The complaint alleged that Exxon had for decades “misled shareholders about the material risks climate change posed and poses to its business in order to increase its short-term profits and falsely inflate its assets, revenues, and stock price.”