MT. PLEASANT, S.C., June 20, 2016 /PRNewswire/ -- U.S. District Judge Richard M. Berman has granted preliminary approval to a proposed $140 million class action settlement with Barrick Gold Corporation (NYSE: ABX), on behalf of a certified class of shareholders who purchased Barrick common stock on the New York Stock Exchange between May 7, 2009 and Nov. 1, 2013. The court will consider whether to grant final approval of the settlement at a Fairness Hearing on Oct. 18, 2016 at 10 a.m.
The settlement follows three years of litigation in connection with the company's Pascua-Lama mine located along the border of Chile and Argentina. Plaintiffs alleged that Barrick and certain current and former executives misrepresented the company's compliance with environmental regulations and the adequacy of the company's internal controls.
Notice of the proposed settlement and claims forms will be mailed to shareholders potentially affected by the settlement on June 29, 2016. For more information, please call the claims administrator The Garden City Group, LLC at (855) 907-3222 or visit www.barrickgoldsecuritieslitigation.com.
The postmark deadline for submitting requests for exclusion from the certified class or written objections to any aspect of the settlement is Sept. 21, 2016. The postmark deadline for class members to submit claim forms is Sept. 29, 2016.
The case is In re Barrick Gold Securities Litigation, case number 1:13-cv-03851 in the U.S. District Court for the Southern District of New York.
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SOURCE Motley Rice LLC