- The U.S. Supreme Court today refused an appeal by major oil companies to shift into federal court the lawsuit by two California cities suing for billions of dollars to address the impact of climate change.
- The rejection is a victory for San Francisco and Oakland, part of a group of litigants seeking reimbursement for costs they say are caused by rising sea levels induced by global warming.
- The lawsuit names Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Royal Dutch Shell ([[RDS.A], RDS.B), BP and ConocoPhillips (NYSE:COP) as defendants.
- The cities are suing under state law, claiming the companies created a "public nuisance" with a long campaign to discredit global warming, and misrepresent and conceal the dangers of fossil fuels.
- Shell CEO Ben van Beurden recently pledged to speed up the company's plan to cut greenhouse gas emissions after last month's order by a court in the Netherlands.