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A U.S. district judge dismissed Exxon Mobil’s lawsuit on Monday (NYSE:XOM) filed a lawsuit against activist shareholder Arjuna Capital after the group withdrew a proposed resolution calling on the company to do more to reduce greenhouse gas emissions.
this Judge rules ExxonXOM) The claim is no longer valid after Arjuna’s promise not to file future proxy filings at the company’s annual meeting “has eliminated any case or dispute.”
The dismissal affects no one and means Exxon Mobil (XOM) can refile the lawsuit in the future.
ExxonMobil (XOM) sued Arjuna and other activist investors Follow This in January and refused to drop the lawsuit after the groups agreed not to file a petition, citing the “possibility” that the companies might file similar resolutions in the future; A judge last month removed Follow This from the case, saying the group did not fall within the court’s jurisdiction.
The lawsuit has alarmed activists and some investors who say it stifles debate between shareholders and public companies.
