California seeks company profits in Big Oil climate lawsuit

- California's attorney general on Monday sought to force the world's biggest oil companies to give up profits the state alleges they made while deceiving consumers about their role in contributing to climate change.

The legal action comes months after a new state law went into effect that allows the attorney general to seek profits obtained from companies while they violated laws against unfair competition and false advertising.The suit, filed in state court in San Francisco, alleges the energy giants have caused tens of billions of dollars in damages and accuses them of deceiving the public.

In recent weeks, major oil and gas companies have fought back against activist shareholders urging more corporate climate action while some U.S. lawmakers have stepped up probes into whether the industry is behaving deceptively.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.

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