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


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.

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Comments (7)
  • MisterJ
    , contributor
    Comments (1169) | Send Message
     
    Typical gold mining fiasco. Buyer beware.
    22 May 2014, 06:56 PM Reply Like
  • Mark0f0
    , contributor
    Comments (2593) | Send Message
     
    How could Barrick have predicted the ridiculous behaviour of some Chilean officials who probably feel entitled to a cut?
    23 May 2014, 02:18 AM Reply Like
  • David at Imperial Beach
    , contributor
    Comments (4382) | Send Message
     
    This isn't the first lawsuit filed over this mine, and probably won't be the last. Compared to the others, it's a mere nuisance lawsuit.
    22 May 2014, 07:43 PM Reply Like
  • Dmitry Kovalchuk
    , contributor
    Comments (411) | Send Message
     
    Boooooriiiiiiing
    23 May 2014, 03:56 AM Reply Like
  • Ronald McDonald
    , contributor
    Comments (56) | Send Message
     
    Just one of many, more to come. One should be filed over the ridiculous Equinox acquisition.
    23 May 2014, 12:43 PM Reply Like
  • mysaug
    , contributor
    Comments (77) | Send Message
     
    I own ABX stock , it is a risk you take, all in filings. They need to grow up.
    24 May 2014, 07:32 AM Reply Like
  • Dmitry Kovalchuk
    , contributor
    Comments (411) | Send Message
     
    mysaug - exactly
    25 May 2014, 07:38 AM Reply Like
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