Shares of BHP Group Flat After Court Approves AU$110m Samarco Class-Action Settlement

MT Newswires Live12-08

Shares of BHP Group (ASX:BHP) were flat with a negative bias in recent Monday trade after it said in a late Friday filing that the Federal Court of Australia had approved the settlement of the Australian Samarco shareholder class action.

The class action was filed in 2018 on behalf of shareholders who acquired BHP shares before the Fundao Dam failure, during the period from Aug. 8, 2012, to Nov. 9, 2015, per the September filing.

The company agreed to pay the applicants AU$110 million, covering interest and costs, while making no admission of liability, the filing said.

The company expects to recover the majority of the settlement amount from its insurers, the filing added.

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