Oil sands part of second U.S. lawsuit against ExxonMobil
Alberta’s oil sands are at the centre of a second major fraud lawsuit filed in the United States against ExxonMobil.
According to Canadian Press, the lawsuit – filed on Thursday by the state of Massachusetts – accuses the multinational of misleading investors about what climate change measures could cost its operations — especially those in the oil sands.
It says Exxon told investors it evaluated its projects with a high and increasing price on carbon when in fact it used a much lower figure that remained stable.
The lawsuit alleges that had the effect of increasing the value of the company’s oil reserves.
The suit is similar to one currently before a court in New York state. (Click here for related article)
That lawsuit lists 14 Alberta oil sands projects Exxon is involved in through its Canadian subsidiary Imperial Oil.
An Exxon lawyer in the New York case has said the lawsuit fails to account for all the ways the company evaluates climate risk.