Exxon, BP, and Shell fall after New York City sues the major oil companies for misrepresenting their role in climate change

wdaniel@businessinsider.com (Will Daniel) 

EARTH DAY 2021

 

© REUTERS/Scott Morgan Then-2020 Democratic presidential candidate and New York City Mayor Bill de Blasio talks with the media at the Iowa State Fair in Des Moines, Iowa, U.S., August 11, 2019. REUTERS/Scott Morgan

BP, Shell, and Exxon Mobil all fell on Thursday after NYC sued the oil giants for misrepresenting their role in climate change.

The lawsuit came from mayor Bill de Blasio's office after a similar case was dismissed by the 2nd Court of Appeals in Manhattan.

"My Earth Day message to Big Oil: See you in court," De Balsio wrote in a letter announcing the lawsuit.

Shares of Exxon, BP, Shell fell Thursday on news New York City is suing the oil companies along with the American Petroleum Institute for "systematically and intentionally deceiving New Yorkers" on climate change issues, according to a press release from the office of the mayor.


The lawsuit was filed in the Supreme Court of the State of New York in the County of New York by the mayor's office on Thursday.

It calls out defendants for allegedly violating New York City's Consumer Protection Law (New York City Administrative Code §§ 20-700 et seq.) with false advertising.

Specifically, the suit alleges oil companies have 1) used product promotions to convince consumers that the purchase and use of their products is beneficial in addressing climate change.

And 2) have used "greenwashing campaigns" directed at NYC consumers to falsely present themselves as corporate leaders in the fight against global warming.

NY