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BHP served with class action over Samarco dam failure

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BHP served with class action over Samarco dam failure

BHP served with class action over Samarco dam failure
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KIM KYUNG-HOON(Reuters)
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(Reuters) - Global miner BHP <BHP.AX> <BLT.L> said on Monday it has been served with a class action proceeding in the Federal Court of Australia regarding the 2015 Samarco dam failure in Brazil.

BHP said it would defend the claim lodged in Victoria state. It did not specify who had filed the class action, which relates to a 2015 dam burst that killed 19 people.

Samarco <SAMNE.UL> and its parent companies Vale SA <VALE5.SA> and BHP <BHP.AX> signed a deal with Brazilian authorities in June to settle a 20 billion reais (4 billion pounds) lawsuit related to the failure.

The miner also agreed to fund a total of $211 million in financial support for the Renova Foundation, created to help victims of the Samarco dam disaster in Brazil.

Last week, BHP said it expected to record a charge of $650 million in its fiscal 2018 results on account of the failure. The charge was at the lower end of expectations according to analysts.

BHP shares fell 1 percent on Monday in a weaker overall market <.AXJO>

(Reporting by Aditya Soni in Bengaluru; editing by Richard Pullin)

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