UPDATE 1-Exxon Mobil prevails in New York climate change lawsuit

A judge on Tuesday ruled in favor of Exxon Mobil Corp in a lawsuit brought by New York state accusing the oil company of hiding from investors the true cost of addressing climate change. Justice Barry Ostrager in Manhattan Supreme Court ruled that the state attorney general failed to produce any evidence that investors were misled. The case, filed in October 2018, was the first of several climate change lawsuits against major oil companies to go to trial.

"Today's ruling affirms the position Exxon Mobil has held throughout the New York attorney general's baseless investigation," Exxon spokesman Casey Norton said in a statement. "We provided our investors with accurate information on the risks of climate change." The office of New York Attorney General Letitia James had no immediate comment.

Its lawsuit said that Exxon caused investors to lose up to $1.6 billion by falsely telling them it had properly evaluated the impact of future climate regulations on its business. The trial featured testimony from investors, experts and former Exxon Chief Executive Rex Tillerson, who denied the allegations against the company. (Reporting By Brendan Pierson in New York; editing by Grant McCool)