Magistrate judge says suit over Chevron stock should be dismissed

DETROIT (AP) -- A Detroit-area man who is suing to get valuable stock in oil giant Chevron is hitting a dry well.

A judge is recommending that Perry Christy's lawsuit be dismissed. The Northville man wants to invest $100,000 in Chevron stock -- at 2004 prices.

Christy insists he invested that amount seven years ago but the money was never taken out of his checking account. There is no dispute that the former lawyer went online and created a Chevron stock account.

Chevron and Mellon Investor Services say Christy simply is trying to benefit from the rise in the company's stock price. A $100,000 investment in 2004 would be worth more than $250,000 today with dividends reinvested.

Federal Magistrate Judge Laurie Michelson is recommending to another judge that the case be dismissed.

Published: Fri, Sep 9, 2011