Since the advent of the age of mega-securities-fraud settlements, class-action counsel have searched strenuously for--and corporate executives have slept fretfully worrying about--the next trend in investor claims and activism. With global warming and environmental protection on the front pages because of the efforts of social activists, litigators and politicians, there may be repercussions for directors and officers of publicly-traded companies as well as their D&O liability insurers.
Most recently, global warming has received the attention of the U.S. government, including the executive branch.
At the same time, the U.S. Supreme Court has spoken on the subject, having held in the seminal case of Massachusetts v. EPA that the U.S. Environmental Protection Agency violated the Clean Air Act by improperly declining to regulate new vehicle emissions standards to control carbon dioxide emissions that contribute to global warming.
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