Massey Faces Derivative Action Over Fatal Mine Blast

Law360, New York (April 27, 2010, 1:34 PM EDT) -- Massey Energy Co. and its board of directors are facing a putative class action from shareholders that claim the company has consistently failed to address poor safety conditions in its mines, incurring millions of dollars in fines and culminating in an April 5 explosion that killed 29 miners.

The New Jersey Building Laborers Pension Fund filed the derivative complaint Friday in the Delaware Chancery Court, accusing the individual defendants and Massey of breaching their fiduciary duty to shareholders by mismanaging the company and failing to adhere...
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