Exxon, Chevron Win Dismissal of Plastic Recycling Lawsuit
XOM sits 48% above its 52-week low of $110.385 on light trading volume (0.1× avg).
Summary
A US judge dismissed a consumer class action accusing Exxon, Chevron, and other chemical producers of misleading the public about plastic recycling. The ruling removes a legal overhang that could have exposed the companies to significant damages. The judge found plaintiffs lacked standing and failed to connect specific ads to specific injuries. This follows a series of climate-related lawsuits the companies have defeated. The dismissal is a clear win, though the plaintiffs may appeal.
At the time of this announcement, XOM was trading at $163.02 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $670.3B. The 52-week trading range was $110.39 to $176.41. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.