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California seeks company profits in Big Oil climate suit

California's chief law officer on Monday sought to force the world's greatest oil companies to give up revenues the state declares they made while tricking consumers about their function in adding to environment modification.

The legal action comes months after a new state law went into impact that permits the attorney general of the United States to look for earnings obtained from companies while they broke laws versus unfair competition and incorrect marketing.

Attorney General Rob Bonta included the so-called disgorgement remedy to a suit submitted in 2015 versus Exxon Mobil, Chevron, Shell, BP, ConocoPhillips and oil and gas industry trade group the American Petroleum Institute (API).

The match, submitted in state court in San Francisco, alleges the energy giants have triggered 10s of billions of dollars in damages and accuses them of tricking the public.

API called the suit without benefit.

This continuous, coordinated campaign to wage meritless, politicized lawsuits against a foundational American market and its workers is nothing more than a distraction from crucial nationwide discussions and a massive waste of taxpayer resources, API General Counsel Ryan Meyers stated in a. declaration. Environment policy is for Congress to debate and decide,. not a patchwork of courts.

Exxon, Chevron, Shell, BP and ConocoPhillips were not. immediately available for remark.

The filing comes days after United Nations Secretary-General. Antonio Guterres gotten in touch with countries to ban nonrenewable fuel source. advertising as lots of do for tobacco and other items that have. proven hazardous to human health.

In current weeks, major oil and gas business have fought. back against activist shareholders advising more corporate environment. action while some U.S. lawmakers have actually stepped up probes into. whether the market is acting deceptively.

(source: Reuters)