On CNBC today, legal scholar Richard Epstein underscored the blatant hypocrisy from California municipalities’ lawsuits against energy manufacturers by highlighting the disparity of their statements in legal filings and what they’re telling bond investors. Appearing on CNBC with Richard Santelli, University of Chicago Law School Professor Richard Epstein explained:
“Anybody who is selling a covenant bond knows that if they make overstatements or exaggerations they are going to be hit very hardly by the Securities and Exchange Commission, and if they make a very gloomy projection which is unjustified, they’re going to have to pay high rates of interest.” Epstein continued, “When you file a complaint, any degree of exaggeration is essentially without any adverse consequences.”
So, which is it? Are the California coasts facing climate risk or are these cities using frivolous lawsuits for their financial gain – at the peril of both their budgets and their citizens? We encourage you to view Professor Epstein’s remarks on CNBC.
MAP will continue to provide a platform to counter these costly and far-reaching lawsuits and expose the coordinated alliance of plaintiffs’ attorneys, activists and public officials targeting manufacturers in the United States.