Litigation

Judge Sold Exxon Stock Before Ruling

By Peter Hardin

The federal judge who blocked the Obama administration?s deepwater drilling moratorium has stated he sold his shares in Exxon Mobil less than five hours before making his ruling.

District Judge Martin Feldman said in a letter Friday, attached to disclosure forms he released, that he sold shares of Exxon Mobil  “at the opening of the stock market on June 22, 2010 prior to the opening of a Court hearing on the Oil Spill Moratorium case,” according to a Washington Post article. Judge Feldman issued his moratorium-lifting order later that day.

The administration’s moratorium affected Exxon Mobil, among other companies, a Wall Street Journal article reported. That newspaper also stated that the hearing actually occurred Monday, which was June 21.

The judge’s 2008 financial disclosure report showed that he  held assets in at least eight oil companies or funds that invest in them. Environmental groups asked (see Gavel Grab) in court for more current disclosure of his financial interests.

His 2009 disclosure forms, released Friday, indicated the judge sold his interests in offshore drilling service firms, yet he kept on buying and selling energy stocks, among more than 100 investments he reported. Exxon Mobil was one of the investments.

The Washington Post characterized it as “unusual” for a judge during a case to disclose the trade of shares in an individual company, especially when it is one that a judicial decision could directly impact.

The Exxon Mobil stock that Judge Feldman owned was valued at $15,000 or less, according to the Associated Press.

Full post as published by The Gavel on June 25, 2010 (boomark / email).