New York City sues Big Oil companies over global warming

|By:, SA News Editor

New York City sues five major oil companies - BP, Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP), Exxon Mobil (NYSE:XOM) and Royal Dutch Shell (RDS.A, RDS.B) - claiming they have contributed to global warming.

Mayor de Blasio says NYC is seeking billions to recoup money spent by the city for resiliency efforts related to climate change.

The mayor also announces a goal for the city's five pension funds to pull out of fossil fuel companies; the funds hold $5Bin the securities of at least 190 fossil fuel firms.

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