A Haynes Boone litigation team helped secure a complete defense verdict for ExxonMobil and three former executives in a high-profile securities fraud class action following a nearly three-week federal jury trial in the Northern District of Texas.
The case, which sought approximately $3 billion in damages, centered on allegations that ExxonMobil made false and misleading statements related to its accounting for the value of Rocky Mountain dry gas assets and proved reserves associated with the company’s Kearl Oil Sands Project in Canada. After fewer than four hours of deliberation, the jury returned a complete defense verdict in favor of ExxonMobil and the individual defendants.
The Haynes Boone team representing ExxonMobil was led by Senior Counsel Nina Cortell and Partners Jason Jordan and Jason Bloom, with instrumental support from Associate Chloe Warnberg. Haynes Boone served as co-counsel alongside Paul, Weiss, King & Spalding, Latham & Watkins and Squire Patton Boggs.
“This was an extraordinary team effort in a case that carried immense financial and reputational stakes,” said Cortell. “Our clients were committed to defending their disclosures and clearing their names, and we are proud to have helped achieve this result.”
Cortell was involved in the case from its inception a decade ago and worked alongside Bloom and co-counsel from Paul, Weiss in extensive pretrial proceedings that narrowed the issues for trial. As the trial setting approached, Jordan and Warnberg joined the team.
During trial, Cortell and Jordan served as appellate counsel, assisting with legal briefing, arguing motions and preparing the jury charge. Jordan handled the formal charge conference and Warnberg provided key research support throughout trial.
Haynes Boone’s Litigation Department handles disputes of all sizes with a focus on achieving results that align with clients’ business objectives. The team represents industry leaders, startups and a full range of other businesses in contract disputes, class actions and regulatory matters. The firm’s skilled trial and appellate teams have secured numerous jury verdicts, bench verdicts and summary judgments ensuring efficient, client-centered strategies that drive successful outcomes.
