Pioneer Founder Sues FTC on Exxon Settlement Barring Board Seat

Scott Sheffield, founder of Pioneer Natural Resources Co., sued the US Federal Trade Commission, alleging the agency’s settlement barring him from Exxon Mobil Corp.’s board violated his constitutional rights.

In a complaint filed in Texas federal court, Sheffield alleged the FTC trampled his due process rights and exceeded its authority when the agency allowed Exxon to acquire his former company but said he can’t sit on the oil giant’s board.

The FTC declined to comment.

As part of its review of the Exxon takeover of Pioneer, the antitrust agency said it found evidence Sheffield sought to ...