Glencore hit by fresh bribery-related suit in the UK

Glencore (LSE: GLEN) is facing a fresh lawsuit in the U.K. related to alleged losses to shareholders resulting from the mining and commodities trader’s involvement in bribery. 

Legal & General Group filed claims against Glencore on Jan. 10 in London’s High Court, adding to several lawsuits brought by investors since the company paid about US$1.5 billion to settle long-dragged probes in the U.S., Brazil and the U.K.

Details of the claim are yet to filed or made public, but sources familiar with the matter told FT.com the case centred on the consequences of Glencore’s pleading guilty to allegations of market manipulation and bribery.

The news comes as Glencore reported this week adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of US$34.1 billion, a 60% increase from a previous record of US$21.3 billion in 2022.

The Swiss company also announced it would return more than US$7 billion to shareholders in dividends and buybacks.

The U.K. Serious Fraud Office forced the miner and trader last year to pay US$308 million for bribing its way across Africa.

Glencore, which is also subject to investigations from Swiss and Dutch authorities, has said the timing of those probes remains uncertain but would expect any possible resolution to avoid duplicate penalties for the same conduct.