Innsworth funds shareholder litigation and anti-trust litigation. We also fund commercial litigation and arbitration claims.


Proposed claim against Glencore plc

1. Background
Innsworth and Quinn Emanuel are investigating claims on behalf of shareholders against
Glencore plc, arising out of recent announcements by Glencore plc and news reports
(Bloomberg) that Glencore plc is the subject of investigation by the SFO in London and
DoJ in the US for alleged corruption and bribery.

2. Who are Innsworth?
Innsworth Advisors Limited (“Innsworth Advisors”) is an advisor to Innsworth Capital
Limited (“Innsworth Capital”), a Jersey based litigation fund.
Innsworth Advisors identifies and manages large scale shareholder and other commercial
claims funded by Innsworth Capital. Innsworth is currently funding one of the largest ever
shareholder securities actions in Germany against Volkswagen AG arising out of the
emissions scandal. It is also funding the leading securities action in the English High Court
for shareholders against Tesco plc.
Innsworth Capital is funded by funds under the management of Elliott Management Corp.
Further information about Innsworth can be found on its website at

3. Who are Quinn Emanuel?
Quinn Emanuel is one of the world’s leading business litigation practices and is at the
forefront of shareholder actions both internationally and in the UK and Europe. Quinn
Emanuel’ s experience on similar actions, in particular the VW emissions scandal claims
and the £12bn RBS Rights Issue Litigation, places Quinn Emanuel in a unique position
to form a successful shareholder action group in order to win compensation for the
significant loss suffered by Glencore’s investors due to this scandal. The Quinn Emanuel
team will be led by Richard East and Thomas Werlen. London-based Partner Richard
East is currently instructed on some of the biggest investor claims in Europe including
PCP Capital’s £1bn claim against Barclays and the collapse of Banco Popular. Zurich-
based Partner Thomas Werlen, meanwhile, has been representing FIFA in criminal
investigations being pursued in the U.S. and Switzerland, as well as in ensuing civil
proceedings. Thomas was also heavily involved in what was described as the nastiest
takeover fight in European history: the Sika/Saint-Gobain transaction, which was settled
in May after a 3.5 years complex dispute. As a former group general counsel and
executive committee member at global pharma giant Novartis, he is well-versed in issues
arising in a multinational conglomerate such as Glencore.

4. Who is the claim against and who will be eligible to participate?
The proposed claim is against Glencore plc (“Glencore”), a publicly listed FTSE-100
company on the London Stock Exchange (GLEN:LSE).
Further details about the relevant period for eligibility to register for the claim will be
announced in due course.

5. What is the claim against Glencore?
It will be alleged that shareholders are entitled to seek compensation pursuant to the
Financial Services & Markets Act 2000 (“FSMA”) and/or at law on grounds, allegedly, that
Glencore has participated in, or had knowledge of, bribery and corruption, and failed to
disclose relevant information to the market, or made misrepresentations, arising out of 
this and/or the risks of certain of its activities and business partners; and failed to disclose
(or delayed disclosure) to the market of regulatory investigations.

6. How much is the shareholders’ claim worth?
Innsworth is not responsible for assessing the value of shareholders’ claims. Ultimately,
matters of valuation of the claims are matters for the lawyers and experts in any future
litigation. Innsworth is evaluating the extent of the losses and further information on this
will be available in due course.
As a rough indication at this stage, the announcements by Glencore and press reports of
investigations into alleged corruption and bribery triggered a significant decline of share
value by approximately 13%, and after a short period of stabilisation, 8% - equivalent to
an £6.7 billion ($8.8 billion) loss in value.

7. What will the claim cost?
All of the costs of any legal proceedings (within an approved budget) which are ultimately
determined to be funded by Innsworth Capital in its sole discretion will be paid by
Innsworth Capital on a non-recourse basis. If the shareholders win, Innsworth Capital will
recoup those costs funded by it, plus a commission. If you lose, Innsworth Capital will
bear the shareholders’ costs it has funded (and any adverse liability towards Glencore’s
legal costs).
If the claim is funded, then Innsworth Capital will provide you with a form of guarantee
agreement which provides a guarantee to you that the agreed legal and other costs
associated with the case (including potential adverse costs).

8. Where will legal proceedings be filed?
It is expected that any proceedings ultimately filed against Glencore will be brought in the
Financial List of the English High Court in London.

9. Will shareholders’ contact and investment details be kept private?
Innsworth Advisors will enter into a non-disclosure agreement with you before it embarks
on any discussions in relation to the potential case. We will only use and/or disclose your
personal information strictly for the purpose of any future legal proceedings, or as
required by the Court or by law or as requested by the lawyers. In all other cases, we will
seek your consent before disclosing any of your personal information. We will not
disclose any personal information to third parties.
Insnworth Advisors’ privacy policy can be found on its website at
Depending on the structure of the legal proceedings, shareholders may be named in the

10. Where do I obtain more information?

Please send an email to any of the following:

Ian Garrard, Managing Director Innsworth Advisors

Matt Cohen, Investment Manager Innsworth Advisors

Richard East, Partner Quinn Emanuel