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AMENDED COMPLAINT V

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AMENDED COMPLAINT V COMMONWEALTH OF MASSACHUSETTS SUFFOLK, ss. SUPERIOR COURT CIVIL ACTION NO.: 1984-CV-03333-BLS1 ) COMMONWEALTH OF MASSACHUSETTS, ) ) Plaintiff, ) ) AMENDED COMPLAINT v. ) ) EXXON MOBIL CORPORATION, ) ) Defendant. ) ) ) TABLE OF CONTENTS I. INTRODUCTION ................................................................................................................. 1 II. PARTIES ............................................................................................................................. 15 III. JURISDICTION AND VENUE .......................................................................................... 16 IV. THE CONTEXT FOR THIS ACTION: EXXONMOBIL’S FOSSIL FUEL BUSINESS, ITS HISTORY OF CLIMATE DECEPTION, AND THE CLIMATE CHANGE CRISIS ............................................................................................................... 17 A. ExxonMobil’s Global Fossil Fuel Business and Its Role in Climate Change ............ 17 B. ExxonMobil’s Longstanding Internal Scientific Knowledge of the Causes and Consequences of Climate Change and Public Deception Campaigns ........................ 19 1. ExxonMobil has known since the 1970s that use of its fossil fuel products would have potentially “catastrophic” effects for humankind and that efforts to reduce the use of fossil fuels in response to climate change would pose a threat to ExxonMobil’s bottom line. ..................................................................... 19 2. ExxonMobil has masterminded and implemented a tobacco industry-style campaign to sow doubt and confusion among the public, including investors and consumers of its products, about the climate science Exxon helped to develop. ................................................................................................................. 29 a) Exxon formulated the “Exxon Position”: emphasize uncertainty................ 31 b) Exxon and major fossil fuel interests formed the Global Climate Coalition to distort climate science and deceive the public and consumers. ................................................................................................... 32 c) Contrary to its internal knowledge, ExxonMobil mounted an aggressive public attack on climate science and downplayed the role of its products—fossil fuels—in causing climate change. .................................... 33 d) Despite its knowledge of likely adverse human health effects of climate change, Exxon promoted doubt and false debate over public health risks. ............................................................................................................. 37 e) Exxon, with a veteran of the tobacco industry’s deception campaign, formed the Global Climate Science Communications Team to cause the public to doubt whether climate change was occurring and whether humans had a role in causing it. ................................................................... 38 f) ExxonMobil spent millions on an unprecedented “advertorial” campaign in The New York Times casting doubt on climate science, urging delay on climate action, and mocking technologies that provide alternatives to fossils fuels. .......................................................................... 40 g) While Exxon funded a public campaign of climate denial, privately it relied on climate science and climate models to prospect for fossil fuels, obtain intellectual property rights, and protect fossil fuel infrastructure. .... 44 ii h) Through the 2000s and 2010s, ExxonMobil used proxies, employed other indirect means, and itself continued to make statements that cast doubt on the role of fossil fuels in causing climate change. ........................ 48 C. The Existential Threat of Climate Change .................................................................. 51 D. Climate Change Is Having Major Impacts on Massachusetts. ................................... 57 V. EXXONMOBIL IS DECEIVING MASSACHUSETTS INVESTORS BY FAILING TO DISCLOSE THE DANGERS THAT CLIMATE CHANGE RISKS POSE TO THE WORLD’S FINANCIAL MARKETS AND ITS BUSINESS. .................................. 63 A. Massachusetts Investors Are Heavily Invested in ExxonMobil. ................................ 67 B. Climate Change Risks Threaten the World’s Financial Markets and the Holdings of Massachusetts Investors in ExxonMobil Securities. .............................................. 71 C. The Long-term Value of ExxonMobil’s Business and Reserves Is at Risk from Climate Change, Which Will Increase Costs and Decrease Demand for Its Products....................................................................................................................... 80 1. Fossil fuel companies like ExxonMobil face escalating regulatory and market responses to climate change, which are necessary to avert catastrophic warming. ............................................................................................................... 81 2. Increased costs and decreases in prices and demand put ExxonMobil’s most valuable assets—its fossil fuel resources—at risk, as the recent history of the market illustrates. .................................................................................................. 85 3. In lieu of reckoning with the existential climate-driven risks to the Company’s future, ExxonMobil misleadingly touted its use of a “proxy cost” of carbon to account for the risks of climate change regulation to its business and assets, including in communications with Massachusetts investors. ............. 92 a) ExxonMobil has repeatedly represented to investors, including Massachusetts investors, that, since 2007, it has used a proxy cost of carbon and other greenhouse gas emissions to account for the future costs of climate change regulation in its business planning and investment decisions, including in projecting energy demand. ................... 94 b) ExxonMobil’s investors have frequently noted and assigned significant importance to the Company’s representations regarding its use of a proxy cost of carbon..................................................................................... 98 c) Internally, ExxonMobil’s proxy cost practices were inconsistent and haphazard and did not identify any meaningful impact from potential climate regulation....................................................................................... 100 D. Massachusetts Investors Have a Strong Interest in Accurate Disclosure of Climate Change Risks to the World’s Financial Markets, the Fossil Fuel Industry, and ExxonMobil’s Business and Assets. .................................................................. 105 1. Climate risks are important and material to Massachusetts investors, including Massachusetts investors in ExxonMobil securities. ........................... 105 iii 2. ExxonMobil’s Massachusetts investors and the Company have engaged directly on how it manages climate change risks................................................ 114 E. ExxonMobil Is Deceiving Massachusetts Investors by Failing to Disclose the Systemic Risks of Climate Change to the Global Economy, the World’s Financial Markets, the Fossil Fuel Industry, and the Company’s Business. ............ 121 1. ExxonMobil has long understood the extent of likely and potential climate change impacts but has never disclosed to its investors the systemic risks of these impacts. ...................................................................................................... 123 2. ExxonMobil’s climate risk disclosures deceptively deny, ignore, and downplay the systemic risks of climate change, including to its business model................................................................................................................... 124 3. ExxonMobil’s misleading omissions and misrepresentations about the systemic risks of climate change are material to its Massachusetts investors. ... 135 F. ExxonMobil’s Omissions and Misrepresentations to Massachusetts Investors Understated the Risks of Climate Change to Its Business, Provided Untenable Fossil Fuel Projects with Greater Access to Capital, and Were Detrimental to the Public Interest in Avoiding the Worst Harms of Climate Change. ........................... 137 VI. EXXONMOBIL IS DECEIVING MASSACHUSETTS CONSUMERS THROUGH MISLEADING ADVERTISEMENTS THAT CLAIM USING EXXONMOBIL FOSSIL FUEL PRODUCTS REDUCES GREENHOUSE GAS EMISSIONS, FAILURES TO DISCLOSE THE IMPACT OF ITS FOSSIL FUEL PRODUCTS ON CLIMATE CHANGE, AND GREENWASHING CAMPAIGNS. ................................... 139 A. ExxonMobil Markets and Sells Its Fossil Fuel Products to Massachusetts Consumers................................................................................................................. 140 1. ExxonMobil controls how ExxonMobil-branded products are distributed to Massachusetts consumers. .................................................................................. 140 2. ExxonMobil engages in sales and credit transactions related to the sale of its fossil fuel products with Massachusetts consumers............................................ 142 3. ExxonMobil sells other fossil fuel products to Massachusetts consumers. ........ 145 4. ExxonMobil advertises its fossil fuel products in Massachusetts. ...................... 145 B. ExxonMobil Misleads Consumers by Claiming Its Fossil Fuel Products Reduce Carbon Dioxide Emissions; Deceptively Fails to Disclose in Its Advertising Material Information About the Dangers to Consumers of Using Its Fossil Fuel Products; and Misleadingly Greenwashes
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