U.S. judge tosses lawsuit against activists after group agrees not to pursue charges against Exxon
A U.S. judge on Monday dismissed a lawsuit Exxon Mobil had filed against activist group Arjuna Capital after the group had agreed not to pursue future proxy filings at the company’s annual meetings.
U.S. District Court Judge Mark Pittman ruled Exxon’s claim was no longer valid after Arjuna “unconditionally and irrevocably” agreed not to submit a future proposal regarding Exxon’s greenhouse gas emissions. “Our lawsuit put a spotlight on the abuse of the shareholder-access system,” Exxon said in a statement. “The court has made absolutely clear that Arjuna cannot continue abusing the process. Shareholder democracy is only as strong as the rules that govern it, which must be fairly and consistently applied.”Arjuna and Follow This, a Netherlands-based environmental group, had proposed a stockholder vote for the oil major to set new targets for reducing some of its greenhouse gas emissions.
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