Shareholders sue Continental CEO Hamm over pipeline investment

|About: Continental Resources, Inc. (CLR)|By:, SA News Editor

A group of Continental Resources (CLR) shareholders is suing CEO Harold Hamm, alleging that CLR's $95M investment in a pipeline being built by another firm he controls will benefit him at their expense.

CLR is providing partial funding for Hiland Partners, a Hamm-owned pipeline and gas plant operator, to build the $300M, 450-mile Double H crude oil pipeline, which is expected to start up later this year and eventually ship up to 100K bbl/day of oil.

The plaintiffs are asking, among other things, that Hamm and the other defendants surrender to CLR any profit or benefit related to the company's investment in Double H.