February 5, 2019 / 10:13 PM / 2 months ago

Judge tosses Exxon employees' lawsuit over reserve accounting

A federal judge in Texas has dismissed a proposed class action accusing managers of Exxon Mobil’s employee retirement savings plan of breaching their fiduciary duties by not pushing the company to promptly disclose that its oil assets would need to be written down.

In a decision on Monday, U.S. District Judge Keith Ellison in Houston said the employees suing the company did not meet the high legal standards needed to show such a breach. To support such claims, employees would have to show that the managers failed to take some action that would have been clearly beneficial to the plan, and the employees did not do so, Ellison said.

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