Chesapeake CEO Faces 2 More Investor Suits Over $1B In Loans

Law360, New York (April 30, 2012, 10:09 PM EDT) -- Chesapeake Energy Corp. was hit with two more shareholder derivative class actions Monday over CEO Aubrey McClendon's alleged improprieties, with one claiming he took out $1.4 billion against his investments in a company that is $10 billion in debt.

Both shareholders — Brian F. Leonard and the Dolezal Family Ltd. Partnership — accuse McClendon and eight other executives of breaching their fiduciary duties to Oklahoma City-based Chesapeake in parallel putative derivative actions filed in Oklahoma federal court.

The suits closely mirror derivative actions filed April 19...
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