illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: California is suing major oil companies, using consumer protection laws to claim profits allegedly derived from misleading advertising about their environmental impact
• State attorney-general Rob Bonta targets ExxonMobil, Chevron, Shell, BP, and ConocoPhillips for their role in climate change deception

🔭 The context: This lawsuit builds on California’s September case accusing these companies of misinformation and greenwashing
• The updated filing includes recent instances of alleged false advertising and seeks to deposit claimed profits into a victims’ restitution fund

🌍 Why it matters for the planet: Holding fossil fuel companies accountable for their environmental misinformation could deter future deceptive practices and redirect funds towards climate mitigation and adaptation efforts

⏭️ What's next: The case will proceed in San Francisco's superior court, with the outcome potentially influencing similar lawsuits nationwide
• The fossil fuel industry, facing increasing legal challenges, may need to enhance transparency and accountability

💬 One quote: “This ongoing, co-ordinated campaign to wage meritless, politicised lawsuits against a foundational American industry and its workers is nothing more than a distraction from important national conversations,” said API senior vice-president and general counsel Ryan Meyers

📈 One stat: The top-10 listed US fossil fuel producers by value amassed a combined net income of $313 billion in the first three years of the Biden administration, nearly triple the amount during the same period under Trump

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