Glencore investors to sue for billions over probes, Boies says

Institutional investors in Glencore will sue the world’s biggest commodities trader for share price declines from bribery investigations in the US, the UK and Canada, a law firm representing them said after the latest probe was announced. Boies Schiller Flexner said the suit is “expected to run into the billions,” after Glencore disclosed on Thursday that the UK’s Serious Fraud Office was investigating it, prompting a 9% drop in its share price. The investigation comes on the back of overlapping inquiries in the US and Canada that have helped drive Glencore’s stock down in the past 18 months.