Samarco settlement in New York

DIVERSIFIED commodities house BHP has reached an agreement to settle a class action complaint in the US District Court in New York by paying US$50 million to investors with no admission of liability.

Samarco settlement in New York Samarco settlement in New York Samarco settlement in New York Samarco settlement in New York Samarco settlement in New York

BHP operations caused Brazil's largest environmental disaster.

 
Purchasers of BHP American Depositary Receipts between September 2014 and November 2015 took the action in relation to the Samarco dam failure on November 5, 2015 against the company and some current and former executive officers and directors.
 
BHP attempted to dismiss the punitive action under US securities law but was only partially successful in August 2017, and the action has continued for the past year with the plaintiffs seeking unspecified damages. 
 
The settlement now needs to be approved by the court.
 
This morning BHP also confirmed that it, Samarco partner Vale, the Brazilian government, Espirito Santo and Minas Gerais states, and various Brazilian legal aut...

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