L&G files lawsuit against Glencore over bribery offences

Written by Adam Cadle

17/02/2023

Legal & General filed a lawsuit against Glencore in London's High Court last week concerning investor losses after the Swiss mining and commodities group admitted to multiple bribery offences in 2022.

According to the Financial Times, 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 £276.4m ($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.

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