Reuters<\/a><\/em> provides more: “Chevron also said the lawsuits only serve special interests. ConocoPhillips declined to comment, and neither BP nor Shell could immediately be reached. Exxon this week hit back against the California lawsuits in a filing with a Texas state court pointing out none of the cities disclosed such risks to bond buyers and arguing the lawsuits were politically motivated and linked to cases brought by the states of New York and Massachusetts.”<\/p>\nWell, of course it’s political. That’s the point — officials using their clout to attempt to represent the best interests of those they represent. The future of New York City is looking dire, after all, it should be remembered.<\/p>\n
It’s noteworthy here that if the plans to divest around $5 billion in securities from around 200 oil firms — which is effectively what New York City is now aiming for — go through, then it will represent the largest pension divestments to date. That’s got to matter to somebody.<\/p>\n
For those wanting to find out more, the lawsuit is: City of New York vs BP Plc et al<\/em>, US District Court for Manhattan No. 1:18-cv-00182.<\/p>\n","protected":false},"excerpt":{"rendered":"Five of the world’s largest oil companies are now in the process of being sued by New York City for their “contributions to global warming,” Comptroller Scott Stringer has revealed. 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