Institutional investors are continuing to target Massey Energy’s board of directors over the explosion that killed 29 coal miners at West Virginia’s Upper Big Branch mine. The New Jersey Building Laborers Pension Fund blames Chairman Don Blankenship and other board members for the April 5th explosion. It filed suit against the board members in Delaware’s Chancery Court. Two other shareholders (the International Union of Operating Engineers Pension Fund of Eastern Pennsylvania and Delaware, and the Louisiana Municipal Police Employees’ Retirement System) had filed similar lawsuits in Wyoming County Circuit Court.
The Manville Personal Injury Settlement Trust was the first institutional investor to file suit in Kanawha Circuit Court. It’s alleged these officials have violated the 2008 settlement of an earlier lawsuit filed over their management. New York State Comptroller Thomas DiNapoli urged fellow shareholders to withhold their votes for directors Baxter Phillips, Richard Gabrys and Dan Moore when they come up for re-election at Massey’s annual board meeting. DiNapoli, who oversees the New York State Common Retirement Fund (an investor), had earlier called for Blankenship to resign.
Source: Insurance Journal
Contact us today for a free legal consultation with an experienced attorney.
Fields marked *may be required for submission.
If you would like to subscribe to the Jere Beasley Report digital edition, simply visit our Subscriptions page and provide the necessary information or call us at 800-898-2034.
Attorney Advertising - Prior results do not guarantee a similar outcome.