Reports: Chesapeake Shareholder Sues CEO McClendon, Board
by Dow Jones Newswires
|Friday, April 20, 2012
Chesapeake Energy Corp. Chief Executive Aubrey McClendon and several of the natural gas producer's board were sued by a shareholder, who cited a published report on $1.1 billion in loans the CEO obtained against his stake in company wells, Reuters reported Friday on its website.
The Deborah Mallow IRA SEP Investment Plan brought the lawsuit, filed in the District Court of Western District of Oklahoma. The board members being sued were not identified in the report.
Reuters earlier this week reported that McClendon had taken out the loans over the past three years. The company and McClendon told Reuters that the loans do not present a conflict.
Copyright (c) 2012 Dow Jones & Company, Inc.
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