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14 Jan 2013

Francesca Rheannon, CSRWire Talkback

External Affairs: A Battle Brews Between Chevron and Shareholders

In what is being called an unprecedented move...Chevron Corporation [NYSE: CVX] is taking legal action against investors who have challenged the company to improve its environmental impact and corporate governance. It is subpoenaing all records going back to 2005 pertaining to “Chevron litigations and shareholder actions” in regard to an environmental suit in which it is embroiled...[Chevron responded] to CSRwire: "U.S. trial lawyers, in an effort to force Chevron to settle a fraudulent lawsuit, enlisted...so-called concerned shareholders who were seemingly acting independently and in the interest of public good. We now know [some shareholders]...were not acting independently and in the interest of their investors. Rather, they have been an extension of the plaintiffs’ lawyers’ pressure campaign."...One expert surmised that [socially responsible investors] are “deeply concerned about the...precedent...if courts allowed Chevron to successfully subpoena...investors simply because they were concerned about the company’s conduct.”