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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