New York Times | A federal judge ruled that the case was moot after the investor, Arjuna Capital, withdrew the proposal with a promise not to try again.
A federal judge in Texas on Monday dismissed a lawsuit that ExxonMobil had filed against an activist investor, Arjuna Capital, over a shareholder proposal that called for cuts in the oil giant’s greenhouse gas emissions.
Judge Mark T. Pittman of U.S. District Court for the Northern District of Texas ruled that because Arjuna had withdrawn its proposal and had vowed not to submit similar proposals, Exxon’s claim was moot.
“The trend of shareholder activism in this country isn’t going anywhere,” Judge Pittman wrote, but he added that “the court cannot advise Exxon of its rights without a live case or controversy to trigger jurisdiction.”
