(RTTNews) - BHP Group Ltd. (BHP), a mining and metals company, on Tuesday announced it has agreed to settle the Australian Samarco shareholder class action, subject to approval by the Federal Court of Australia.
Under the settlement terms, BHP will pay A$110 million, inclusive of interest and costs, with no admission of liability. The company said it expects to recover most of the settlement amount from insurers.
The class action was filed in 2018, involved shareholders who acquired BHP shares between August 8, 2012, and November 9, 2015, before the Fundão Dam failure.
The dam was owned and operated by Samarco Mineração S.A., a joint venture equally owned by BHP Brasil, a subsidiary of BHP, and Vale S.A.
On Monday, in the overnight trading, BHP Group closed trading, 1.59% lesser at $53.34 on the New York Stock Exchange.
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