Court Grants Preliminary Approval To Class Action Settlement With Barrick Gold

(RTTNews) - U.S. District Judge Richard Berman has granted preliminary approval to a proposed $140 million class action settlement with Barrick Gold Corp. (ABX, ABX.TO), on behalf of a certified class of shareholders who purchased Barrick common stock on the New York Stock Exchange between May 7, 2009 and November 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.