off-the-wire

UPDATE 2-Legal & General sues Glencore for investor losses after corruption fallout - FT

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds response from Legal & General) Feb 17 (Reuters) - Asset manager Legal & General filed a lawsuit against Glencore in London's High Court last week over investor losses after the Swiss mining and commodities group admitted to multiple bribery offences in 2022, the Financial Times reported.


Glencore's UK subsidiary pleaded guilty to seven instances of bribery last June 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 on Thursday, 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. Legal & General and Glencore declined to comment on the FT report. Glencore said last May that it expects 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, Rashmi Aich and Sherry Jacob-Phillips)

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