Barrick, execs named in $6B class action suit over Pascua-Lama project

|About: Barrick Gold Corporation (ABX)|By:, SA News Editor

Several Canadian law firms file a $6B securities class action lawsuit accusing Barrick Gold (ABX) and four senior company officers of misrepresenting the status of the company's Pascua-Lama mine.

The suit, filed with the Ontario Superior Court of Justice, alleges ABX described Pascua-Lama as a feasible and highly economic project due to the low cost to construct the mine and produce gold and silver from it, and that the company knew or should have known it would need to overcome significant obstacles.

Individual defendants named include CEO Jamie Sokalsky and predecessor Aaron Regent.