Alcoa investor files suit over bribery claims

Jun 28, 2012 | 12:50 PM | Leanna Orr

Tags  Aluminium Bahrain, Alcoa, Alba, aluminum, Leanna Orr

NEW YORK — An Alcoa Inc. shareholder has filed a lawsuit accusing 16 current and former board members and employees—including chairman and chief executive officer Klaus Kleinfeld—of mishandling bribery allegations by Aluminium Bahrain BSC (Alba).

South Carolina shareholder Catherine Rubery alleged in her complaint, filed in U.S. District Court in Pittsburgh, that the defendants breached their duties to shareholders and wasted corporate assets, resulting in "hundreds of millions of dollars in illicit payments that have caused damage to Alcoa’s reputation, goodwill and standing in the business community." Those alleged actions, according to the complaint, "exposed the company to hundreds....

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