Exxon, BP, and Shell fall after New York City sues the major oil companies for misrepresenting their role in climate change

Exxon, BP, and Shell fall after New York City sues the major oil companies for misrepresenting their role in climate change

Shares of Exxon, BP, Shell fell Thursday on news New York City is suing the oil companies along with the American Petroleum Institute for "systematically and intentionally deceiving New Yorkers" on climate change issues, according to a press release from the office of the mayor.

The lawsuit was filed in the Supreme Court of the State of New York in the County of New York by the mayor's office on Thursday.

It calls out defendants for allegedly violating New York City's Consumer Protection Law (New York City Administrative Code §§ 20-700 et seq.) with false advertising.

Specifically, the suit alleges oil companies have 1) used product promotions to convince consumers that the purchase and use of their products is beneficial in addressing climate change.

And 2) have used "greenwashing campaigns" directed at NYC consumers to falsely present themselves as corporate leaders in the fight against global warming.

NYC's mayor's office also says the oil giants have mischaracterized the size of their investments in low-emission technologies and zero-emission renewable energy on advertisements and in social media posts.

"Our children deserve to live in a world free from climate change, and we must do everything in our power to give them hope and stop climate change in its