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Barrick settles investor suit over Pascua-Lama mine for $140 million
By Nate Raymond
Tuesday, May 31, 2016
NEW YORK -- Barrick Gold Corp. has agreed to pay $140 million to resolve a U.S. lawsuit accusing the gold producer of concealing problems at a South American mine and of fraudulently inflating the company's market value, according to court papers.
The settlement, disclosed in papers filed today in Manhattan federal court, would resolve a class action accusing Barrick of deceiving investors about environmental problems afflicting its Pascua-Lama project on the border of Argentina and Chile.
"I am pleased we were able to reach this resolution for investors," James Hughes, a lawyer for the plaintiffs at the law firm Motley Rice, said in a statement.
Barrick in a statement confirmed the $140 million accord and said the value of the settlement is insured. ...
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