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Glencore faces lawsuits over U.S. subpoena, stock drop

NEW YORK, July 11 (Reuters) - Glencore Plc (Frankfurt: 8GC.F - news) faces at least two lawsuits by U.S. shareholders accusing the big Anglo-Swiss mining company of having made false and misleading disclosures before it received a subpoena in a corruption probe, and its stock tumbled. The lawsuits were filed on Monday with the U.S. District Court in Newark, New Jersey, and on Wednesday after market hours with the U.S. District Court in Manhattan. They accused Glencore of concealing how its conduct would subject it to heightened regulatory scrutiny into its compliance with money laundering and bribery laws, including the U.S. Foreign Corrupt Practices Act. On Wednesday, Glencore said it would cooperate with the Justice Department and had set up a board committee, including chairman and former BP Plc Chief Executive Tony Hayward, to oversee its response. Some analysts have said the subpoena might have resulted from Glencore's settling of a mining dispute in Congo with Israeli billionaire Dan Gertler, under U.S. sanctions since last year, by agreeing to pay royalties in euros.

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