Source: Big Oil’s Winning Streak Forces Activists to Regroup – The New York Times
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A recap: In January, Exxon sued two activist investor groups, Arjuna Capital and Follow This, in a Texas court, saying that their resolution to include so-called Scope 3 emissions targets reflected “an extreme agenda” that was detrimental to shareholders.
The groups withdrew their resolution, fearing that an Exxon legal win could essentially silence all activists and shareholder debates. Last week, a Texas judge ruled that Exxon’s lawsuit could proceed against Arjuna, which is based in Massachusetts, but said that the court had no jurisdiction over Follow This, which is based in Amsterdam. Exxon is still suing.
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