April 27, 2010 | Mark Paradies

Massey Sued by Pension Fund Due To “Breach of Fiduciary Duty”

With two major accidents causing headlines, it’s difficult to keep up with all the news.

But a recent article in Bloomberg caught my eye. It said:

Massey directors breached their fiduciary duties by disregarding safety regulations and incurring more than $25 million in assessed violations by the U.S. Mine Safety and Health Administration, the New Jersey Building Laborers Pension Fund said in a complaint filed April 23 in Delaware Chancery Court. The failure to act caused the company “severe reputational harm,” the pension fund said.

Add this type of lawsuit to the list of post accident costs.

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