Veolia Biggest Decliner in CAC 40; Michigan Files Civil Suit
(Bloomberg) -- Veolia falls as much as 1.9%, the most since June 14, on vol. that is 40% of 3-mo. daily average. Note that yesterday Michigan said it filed a civil suit against the company.
- Veolia is the biggest decliner in CAC 40, SX6P
- Michigan Attorney General Bill Schuette, joined by SAAG Noah Hall, has filed civil suit against Veolia, Lockwood, Andrews & Newman (LAN) for Michigan taxpayers and Flint families, according to a press release yesterday from Schuette
- Suit will hold Veolia accountable for professional negligence and fraud, which caused Flint’s lead poisoning problem to continue and worsen, and created an ongoing public nuisance: Release
- Veolia North America said in a statement that it stands by analysis provided to Flint under a limited scope in Feb. 2015 and will defend itself to prove there was no wrongdoing or responsibility for the current crisis
- Schuette has never spoken with Veolia North America, interviewed company’s technical experts or asked any questions about our one-time, one-month contract with Flint: Veolia
- Exane says it is “impossible to take a view on the outcome of such a case, which has no comparable precedence we are aware of and is likely to take time.”
- Risks to the lawsuit are very real and the potential impact on Veolia in case of conviction is complicated to assess: Exane
Alert:
HALISTERSource: BFW (Bloomberg First Word)
Tickers VIE FP (Veolia Environnement SA)
0002403D US (Lockwood Andrews & Newnam Inc)
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