Fighting suit, Exxon says it is accounting for climate rules
By CATHY BUSSEWITZ
AP Business Writer
NEW YORK (AP) - Exxon Mobil says it has prepared itself for the impact climate change regulations will have on its finances, denying allegations from New York's attorney general that the company has deceived the public about how stricter emissions rules will impact its business.
Attorney Ted Wells said in a trial that began Tuesday that former Exxon CEO Rex Tillerson in 2007 created an effective system to account for stricter climate regulations. He called the attorney general's complaint bizarre and twisted.
Kevin Wallace, arguing for the state attorney general, said Exxon has not always applied appropriate regulation costs.
He asked for a comprehensive review and said that having been misled on these issues, investors are entitled to an accurate picture. Wells said the state is seeking $476 million to $1.6 billion in damages for shareholders.
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