XOM - Exxon Mobil's Lawsuit Against Climate Activist Shareholder Arjuna Capital Dismissed By Federal Judge | Benzinga
A federal judge has dismissed Exxon Mobil Corp‘s (NYSE:XOM) lawsuit against activist shareholder Arjuna Capital over a climate proposal.
What Happened: The lawsuit, filed by Exxon in January, aimed to prevent Arjuna Capital and another shareholder, Follow This, from submitting a proposal at the company’s annual shareholder meeting on May 29, reported CNBC. The proposal called for an acceleration in carbon dioxide emissions reductions.
However, the investors withdrew the proposal after Exxon’s lawsuit. Despite this, Exxon continued with the lawsuit, arguing that the investors could submit a similar proposal in the future.
"Arjuna has eliminated any case or controversy between the Parties here, Exxon's claim is moot and must be dismissed without prejudice," wrote U.S. District Judge Mark Pittman for the Northern District of Texas wrote in his ruling after a hearing held Monday.
Pittman initially allowed the suit against Arjuna to proceed but dismissed the suit against Follow This due to jurisdiction issues. However, the judge ruled ...