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Former Exxon chief says company had no incentive to downplay costs

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Former Exxon CEO Rex Tillerson said the company tried to understand the impact of climate change, and tried to accurately communicate the impact to shareholders, as he testified on Wednesday in New York during the second week of a trial against the oil giant.

The case, brought by New York Attorney General Letitia James, alleges that the company deceived investors about the true cost of climate change. The $1.6 billion suit is the result of a four-year investigation, and the first climate fraud suit to go to trial.

Rex Tillerson, former chief executive officer of Exxon Mobil Corp., arrives at state court in New York, U.S., on Wednesday, Oct. 30, 2019.

Jeenah Moon | Bloomberg | Getty Images



Source cnbc.com