Plc is facing a slew of class action lawsuits from investment and pension funds in the UK, months after the mining giant pleaded guilty to market manipulation and bribery.
According to court records, Mubadala Investment Company and International Petroleum Investment Company are among more than a dozen funds that have filed suit in a London court in recent weeks against Glencore and a group of its executives.
While there is no public record of what the plaintiffs allege, people familiar with it said it was related to a fine of more than $1 billion paid by Glencore in May. The firm has admitted to bribery and market manipulation for over a decade, Glencore said at the time that the company has changed since the wrongdoing.
Funds linked to Phoenix Group, Standard Life and HSBC have filed lawsuits against the mining giant, while abrdn Plc, Norges Bank and Kuwait Investment Authority have been named as plaintiffs in another lawsuit.
In May, Glencore pleaded guilty to charges ranging from bribery and corruption in South America and Africa to price manipulation in the US fuel oil markets, allowing lengthy investigations against the company in the US, UK and Brazil.
He has agreed to pay about $1.1 billion to US and Brazilian authorities, with the total amount of the UK fine to be set at a sentencing hearing in early November at Southwark Crown Court. Glencore has pledged a $410 million provision for the UK fine in the 2021 accounts of its UK subsidiary Glencore Energy UK Ltd.
"This behavior has no place at Glencore," current Glencore CEO Gary Nagle said during the settlement. “We have taken significant steps to establish and implement a world-class ethics and compliance program to ensure that our core controls are rooted and effective in every corner of our business.”
Aabar Investments and Reassure Ltd are also involved in some lawsuits.
Glencore declined to comment. Lawyers Quinn Emanuel Urquhart & Sullivan and Pallas Law, who represent some of the applicants, declined to comment. Lawyers for Stewarts did not immediately respond to a request for comment.
