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Shareholder sues Alcoa over bribery lawsuit
Edited by : AL CIRCLE
1 min read
Alcoa is tangled in another legal hassle when a South Carolina woman claims in lawsuit filed Tuesday in federal court in Pittsburgh that 14 current or former Alcoa Inc. board members ignored her request that the company investigate and take action to limit the company’s liability in an international bribery lawsuit.
Catherine Rubery is suing the board members as well as the two men that Aluminium Bahrain BSC claimed were at the center of a bribery scheme that allowed New York-based Alcoa to reap more than $400 million in illegal profits. The foreign aluminum maker, known as Alba, is also suing in Pittsburgh federal court and seeking more than $1 billion in damages.
Rubery, on behalf of herself and other shareholders, is suing to make the defendants personally responsible for repaying to the company any damages awarded to Alba. She is also seeking a court order for corporate changes that would make the board more accountable to shareholders. An Alcoa spokesman couldn’t be reached for comment.
Catherine Rubery is suing the board members as well as the two men that Aluminium Bahrain BSC claimed were at the center of a bribery scheme that allowed New York-based Alcoa to reap more than $400 million in illegal profits. The foreign aluminum maker, known as Alba, is also suing in Pittsburgh federal court and seeking more than $1 billion in damages.
Rubery, on behalf of herself and other shareholders, is suing to make the defendants personally responsible for repaying to the company any damages awarded to Alba. She is also seeking a court order for corporate changes that would make the board more accountable to shareholders. An Alcoa spokesman couldn’t be reached for comment.
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