BHP ready to duke it out after receiving news of Samarco class action
Sydney — BHP on Monday vowed to fight an Australian class action alleging the mining giant breached its disclosure obligations and engaged in misleading and deceptive conduct over the deadly Samarco dam failure in Brazil. Nineteen people were killed and a tsunami of toxic waste was unleashed when an iron ore tailings dam burst at the mine in the Minas Gerais region in 2015 in one of the country’s worst environmental disasters. BHP and Vale, co-owners of Samarco, in June reached an agreement with Brazilian public authorities to settle a 20-billion real (US$5.3bn) civil suit over the tragedy. The companies also established a framework to progress a second 155-billion real claim brought by Brazilian federal prosecutors in the next two years. The disaster saw BHP’s shares plunge and about 3,000 investors have now signed up to participate in a class action, brought by shareholder Vince Impiombato, the law firm representing him Phi Finney McDonald said. "BHP intends to defend the claim," ...
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