Legal & General sues Glencore for investor losses after corruption fallout -FT

Feb 16 (Reuters) - Asset manager Legal & General filed a lawsuit against Glencore in London's High Court last week over investor losses after the mining and commodities group admitted to multiple bribery offences last year, the Financial Times reported on Thursday.

Glencore's UK subsidiary pleaded guilty to seven instances of bribery in June last year in relation to its oil operations in Africa, and was ordered to pay a penalty of 276.4 million pounds ($310.6 million) in November.

L&G's case concerns alleged losses to shareholders resulting from Glencore's statements to the market after corruption probes revealed misconduct, the FT reported citing people familiar with the matter. The claim has been formally launched but the asset manager has not filed legal documents yet detailing its allegations, the report added. Glencore and Legal & General did not immediately respond to Reuters' requests for comment. Glencore, a Swiss-based multinational, said in May last year it expected to pay up to $1.5 billion in relation to allegations of bribery and market manipulation in Brazil, Britain and the United States. (Reporting by Jyoti Narayan in Bengaluru; Editing by Chris Reese)

Reuters

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Legal & General sues Glencore for investor losses after corruption fallout -FT