https://www.miningweekly.com

BHP reaches $50m settlement in US lawsuit

BHP reaches $50m settlement in US lawsuit

Photo by Bloomberg

9th August 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Mining major BHP has reached a $50-million settlement on a class action filed in the US District Court in New York regarding the Samarco dam failure, in 2015.

The settlement comes with no admission of liability from the miner, and was still subject to approval by the District Court.

The class action was initially filed on behalf of purchasers of American Depositary Receipts of BHP between September 25, 2014 and November 30, 2015.

The Samarco dam failure, in Brazil, claimed the lives of 19 people in the Minas Gerais region, flooding three communities and leaving a number of people destitute.

BHP is currently also facing a class action in the Federal Court of Australia, in Victoria, relating to the dam failure, with some 3 000 investors reportedly signed up to participate in the legal action alleging that the company breached disclosure obligations and engaged in misleading and deceptive conduct.

Meanwhile, BHP on Thursday also reported that the Federal Court of Minas Gerais has formally ratified an earlier an earlier governance agreement entered into in June that settles a BRL20-billion civil claim, enhances community participation in decision relating to the remdiation action and compensation programmes, and establishes a process to renegotiate those programmes over a two-year period, while also progressing the settlement of the BRL155-billion civil claim.

Edited by Creamer Media Reporter

Comments

Showroom

M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 
Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.115 0.148s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: