The New York state attorney general is suing ExxonMobil in a landmark case about climate change disclosures. The suit claims that the company made “materially false and misleading” statements to its investors about the risks posed to its business by climate change regulations. The case is especially significant because it’s not about the physical risks of climate change, but is focused on the transition risks, and because it reinforces the likelihood of climate-related liability risks. In addition, the case concerns disclosures made before the Task Force on Climate Related Financial Disclosures (TCFD) recommendations were published.