Mount Pleasant, South Carolina-based firm Motley Rice has negotiated a $140 million preliminary settlement for shareholders of Barrick Gold Corp.
The case involves shareholders who bought stock in the gold mining company between May 7, 2009 and Nov. 1, 2013.
The lead plaintiffs in the case are listed as Union Asset Management Holding AG and LRI Invest S.A., which allege stock purchases were made based on misinformation disseminated by specific current and former Barrick executives with regard to Barrick's compliance with environmental regulations and internal controls at the Pascua-Lama mine at the Chile-Argentina border in South America.
“I am pleased we were able to reach this resolution for investors,” Motley Rice lead attorney for the plaintiffs James M. Hughes said.
The Pascua-Lama gold mine was purchased by Barrick in 1994; the litigation led to an indefinite halting, beginning in Oct. 31, 2013, of activity at the mine.
By the time activity ceased, $5 million had been spent on the mining project.