Roughly 200 funds, including some managed by Fidelity, Vanguard, Legal & General (LGGNY), HSBC (HSBC), Arbdn and Invesco, are seeking damages from Glencore (GLNCY) over claims the company and management made misleading statements in past share prospectuses to hide corrupt activities, the Financial Times’ Leslie Hook reports, citing a court filing. The funds, whose current holdings in Glencore total over GBP 3.7B, allege they “suffered loss” due to “untrue statements” and omissions in the company’s 2011 prospectus for its London Stock Exchange listing and its 2013 prospectus for its Xstrata merger.
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Read More on GLNCY:
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- Glencore price target lowered to 500 GBp from 525 GBp at Credit Suisse
- Glencore downgraded to Hold from Buy at HSBC
- Glencore price target lowered to 550 GBp from 560 GBp at Morgan Stanley
- Glencore price target lowered to 525 GBp from 550 GBp at Credit Suisse
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