A federal judge in Texas dismissed Exxon Mobil's controversial lawsuit against Arjuna Capital over a climate proposal.
against activist shareholder Arjuna Capital over a climate proposal, ruling that the firm's promise it would not resubmit the proposal had rendered the case moot.
Exxon had sued Arjuna Capital and another shareholder, Follow This, in January over a proposal they had submitted for oil major's May 29 annual shareholder meeting calling for the company to accelerate carbon dioxide emissions reductions. Pittman had originally denied Arjuna's request to dismiss Exxon's claims, echoing the oil major's arguments, while tossing out the suit against Netherlands-based Follow This due to jurisdiction issues.
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