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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.