- Exxon Mobil (NYSE:XOM) reportedly has hired Ted Wells, co-chair of the litigation department at the Paul, Weiss, Rikfind, Wharton & Garrison law firm, in an aggressive response to increased scrutiny over its climate change disclosures.
- New York AG Schneiderman has launched an investigation into whether XOM lied to investors about how climate change risks could hurt its bottom line, and hit the company with subpoenas last month demanding relevant financial records, emails and other documentation.
- XOM has not been charged and it is unclear where the probe will lead, but the company's move to hire such a star lawyer signals it takes the matter seriously.