Chesapeake Execs Hid $10M Jet Costs, Shareholder Says

Law360, New York (May 9, 2012, 1:06 PM EDT) -- A shareholder of struggling Chesapeake Energy Corp. launched a suit in Oklahoma state court Tuesday saying CEO Aubrey McClendon and other company executives and directors hid from shareholders up to $10 million a year they wasted on personal flights on corporate jets, in addition to the $13.9 million they reported spending.

In the derivative suit, shareholder Gilberta Norris accuses McClendon and 10 others of misrepresenting the company's part-interest in NetJets Inc. planes as being used primarily for business purposes, even as the executives and directors were...
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