The Charleston (WVa) Gazette has reported that a trust fund owning a small number of Massey Energy company shares has filed a lawsuit against the company. The suit was filed by the Manville Personal Injury Trust, which owns just 1,000 shares of the company. The lawsuit alleges that Massey has violated a 2008 settlement with Manville. That settlement was reached after Manville sued Massey, its CEO and Board of Directors in 2007 alleging mismanagement in the wake of repeated water pollution violations, large fines relating to the deaths of two miners in the 2006 Aracoma Mine fire, and a nearly $2 million verdict against Massey for firing a worker who complained about safety problems. The current lawsuit accuses that the company’s Board members “consciously breached fiduciary duties owed to the company and its shareholders.”
Read more →Today Reuter’s reported that President Obama is ordering the Mine Safety and Health Administration (MSHA) to step up safety inspections and enforcement of mines. This action comes as the Administration’s response to the Massey coal mine explosion in West Virginia last week that killed 29 miners.
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