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The $1.6 billion lawsuit brought by the New York attorney general’s office alleged that Exxon deceived investors about the true cost of climate change. The trial, which began in October and was the first climate fraud lawsuit to go to trial, was the result of a four-year investigation.

“Despite this decision, we will continue to fight to ensure companies are held responsible for actions that undermine and jeopardize the financial health and safety of Americans across our country, and we will continue to fight to end climate change,” Attorney General Letitia James said in a statement following the verdict.

The case focused on how Exxon, the United States’ largest oil company, accounted for the future potential cost of climate change. New York’s case accused the company of misrepresenting these costs, with James arguing that the company used one set of numbers publicly, while operating with a less conservative forecast internally.

When he took the stand on Oct. 30, former Exxon CEO Rex Tillerson said that the company tried to understand the impact of climate change and tried to accurately communicate this impact to shareholders. Exxon said the case was misleading and politically motivated and the result of a coordinated effort by anti-fossil fuel groups.

“Today’s ruling affirms the position ExxonMobil has held throughout the New York Attorney General’s baseless investigation,” Exxon spokesperson Casey Norton said in a statement. “We provided our investors with accurate information on the risks of climate change. The court agreed that the Attorney General failed to make a case, even with the extremely low threshold of the Martin Act in its favor,” he added, while noting that the company would continue to invest in technologies seeking to reduce emissions.

The case was dismissed “with prejudice,” which means that “this case cannot be tried again on these facts in New York,” Columbia University Law Professor John Coffee said. He added that it could go to New York State Appellate Court and a federal case would be “very unlikely” and “ill-fated.”

“Federal courts would have to respect this ruling under principles of res judicata, but it is conceivable that someone could allege violations of the federal securities laws and sue Exxon,” he said.