Bobby D. Fentress, et al, vs. Exxon Mobil Corporation, et al -
"This is an Employee Retirement Income Security Act case alleging a breach of fiduciary duties in the management of a defined contribution plan. Defendants' Motion to Dismiss the Amended Class Action Complaint (Doc. No. 37) is pending."
Why this is important: Climate change proponents now have added ERISA claims as another arrow in their quiver. In this case, Exxon's Employee Stock Ownership Plan ("ESOP") contained a significant amount of Exxon's own stock. The plaintiffs alleged Exxon made materially false and misleading statements regarding its business model's vulnerability to climate change, thereby making the ESOP's investment in Exxon stock "imprudent."...
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