This problem with securities law is more serious than you think.
The New Zealand debt management office sends the Minister of Finance on a roadshow to all the bond rating agencies and major bond traders to show that he was respectable sort of fellow, showed up to the meeting sober and so forth. The economic forecasts in the government bond prospectuses issued on the New York Stock Exchange were prepared very carefully.
In Australia, when the Commonwealth Bank was privatised, Cabinet went through the legal fiction that the decision was made 2 hours before the budget speech was delivered so that it was not required to notify the stock exchange because of listing rules that required significant changes in the position of a listed company to be notified to the exchange within 2 hours.
A number of political entities from across the country have filed nuisance lawsuits against ExxonMobil and other petroleum companies in which Los Angeles may end up as the latest city to join in this legal extortion racket. The general complaint is that oil companies are causing climate change and all of the bad things that climate models forecast will happen.
Big Oil stands accused of failing to disclose the risks that climate change may pose to their investors. However, a fascinating article on Seeking Alpha suggests that plaintiffs from California may have undermined their case before the ink dried on their attorney’s legal brief.
Given the severity and specificity of the claimed harm and damages sought, it is peculiar that the disclosures in the plaintiff’s municipal and city bond issuance documents make very limited disclosures of any climate change risks. As a result, it appears these suits will either (A)…
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Utopia, you are standing in it! 
Jan 23, 2018 @ 18:45:39
Thanks very much for re-blogging this and many of my other posts. It is very much appreciated.
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