The oil-rig chasers are at it again. New York Attorney General Barbara Underwood recently filed suit against ExxonMobil, alleging the energy company failed to account for the real future cost of complying with greenhouse-gas emissions regulations, thereby artificially inflating the valuation of its stock.

The allegation is bogus and, as New York University School of Law professor Richard A. Epstein says in a recent Forbes column, “Nothing could be further from the truth.”