Alcoa Hit With Derivative Suit For Alleged Bribery

Law360, New York (May 9, 2008, 12:00 AM EDT) -- An ironworkers' pension fund has filed a derivative action against Alcoa Inc. and 20 of its officers over hundreds of millions of dollars in illegal bribes the company allegedly paid to government officials in Bahrain.

The Hawaii Structural Ironworkers Pension Trust Fund filed the suit Tuesday in the U.S. District Court for the Western District of Pennsylvania, alleging breach of fiduciary duty, abuse of control, corporate waste, unjust enrichment and gross mismanagement.

The suit claims that officers for the Pittsburgh, Penn.-based company “repeatedly misrepresented how they...
To view the full article, register now.