In re Barrick Gold Securities Litigation, No. 1:13-cv-03851-RMB (S.D.N.Y.) (misrepresentations regarding the development of a South American mine)

Sturman LLC served as counsel for the two European institutional investor lead plaintiffs in a class action on behalf of investors who purchased shares of Barrick Gold Corporation, the world’s largest gold mining company.  Sturman LLC established that Barrick Gold had fraudulently underreported the cost and the time it needed to develop its Pascua-Lama gold mine on the border between Argentina and Chile, and misrepresented its compliance with applicable environmental regulations and the insufficiency of its internal controls. Barrick Gold eventually abandoned its development of the Pascua-Lama mine after an injunction was issued by a Chilean court following the company’s failure to comply with environmental regulations, causing Barrick Gold to take an impairment charge of over $5 billion.  A $140 million settlement received final approval in December 2016.