Case against Massey Energy to go to mediation - Beckley, Bluefield & Lewisburg News, Weather, Sports

Case against Massey Energy to go to mediation

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A case involving Massey Energy Co. and shareholders who say the company lied about its safety record to inflate stock prices before the Upper Big Branch mine disaster is going to mediation.

An order was signed last week by U.S. District Judge Irene Berger.   The order gives the parties involved six months to come to an agreement.

According to the Associated press, investors led by the Massachusetts Pension Reserves Investment say Massey repeatedly lied about its record, artificially inflating stock prices between 2008 and 2010.

 

They say shareholders had no knowledge of Massey's long history of violations until after the southern West Virginia mine exploded in April 2010. Twenty-nine men died.

Massey was later bought by Virginia-based Alpha Natural Resources.

The civil case has been on hold because the judge is shielding evidence the shareholders want to use from an ongoing criminal investigation.