- Peabody Energy (NYSE:BTU) says its recent emergence from bankruptcy should shield it from lawsuits brought by coastal California communities against fossil fuel companies over rising sea levels and global warming.
- The lawsuits, filed last month by the counties of San Mateo and Marin in Northern California and the southern city of Imperial Beach, seek to hold a wide group of oil, gas and coal companies responsible for greenhouse gas emissions produced over decades which they say have made coastal communities more vulnerable to flooding and other dangers.
- BTU, which emerged from Chapter 11 bankruptcy in April, says it should be dropped as a defendant in the lawsuits because of provisions in its court-approved bankruptcy plan.
- The lawsuits seek monetary damages from companies including Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) and Arch Coal (NYSE:ARCH), which itself emerged from bankruptcy protection last year.
- Now read: Chevron: This Bear Is Throwing In The Towel
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