HOUSTON (Reuters) -A U.S. choose on Monday dismissed a lawsuit Exxon Mobil (NYSE:) had filed towards activist group Arjuna Capital after the group had agreed to not pursue future proxy filings on the firm’s annual conferences.
The lawsuit by the biggest U.S. oil firm had raised alarm amongst activists and public pension traders who argued it could muzzle debate amongst shareholders and public corporations.
U.S. District Court docket Decide Mark Pittman dominated Exxon’s declare was not legitimate after Arjuna “unconditionally and irrevocably” agreed to not submit a future proposal relating to Exxon’s greenhouse gasoline emissions.
“The court cannot advise Exxon of its rights without a live case or controversy to trigger jurisdiction” and Arjuna’s pledge to not file comparable decision sooner or later “has eliminated any case or controversy,” Pittman wrote.
Pittman’s dismissal was with out prejudice, that means Exxon might refile its case sooner or later.
Arjuna and Comply with This, a Netherlands-based environmental group, had proposed a decision calling on stockholders to request the oil main set new targets for decreasing a few of its greenhouse gasoline emissions.
Exxon sued the pair in January and refused to drop the case after they agreed to not carry the petition ahead, citing “the likelihood” the 2 might file comparable resolutions sooner or later. Pittman final month had dropped Comply with This from the case because the group was exterior his court docket’s jurisdiction.