The class action was jointly run by Phi Finney McDonald and another firm and funded by G&E KMTC Funding LLC. The class action sought recovery of investor losses, alleging breach of disclosure obligations and misleading and deceptive conduct in contravention of the Corporations Act following the Fundão dam collapse on 5 November 2015.

The allegations relate to whether there was proper disclosure to the Australian Securities Exchange (ASX) about any knowledge of the dam failure risks and the potential for serious adverse human, environmental and financial consequences.

It was also alleged BHP had engaged in misleading and deceptive conduct by claiming safety was its highest priority and had in place effective systems and processes in place to identify and manage risks to people, the environment and communities across its operations and subsidiaries, including the Samarco mining operation.

BHP denied the allegations made in this proceeding, and the conditional settlement does not constitute any admission of liability.

Quotes attributed to Brett Spiegel, Principal Lawyer at Phi Finney McDonald 

“This is a significant outcome for BHP investors. It is one of the few settlements to exceed $100 million in Australian shareholder class action history.

“It comes on the eve of the 10th anniversary of the Fundão dam collapse that devastated downstream communities and the surrounding environment.”

Quotes attributed to Cameron Myers, Principal Lawyer at Phi Finney McDonald 

“After a hard-fought battle that included two High Court appeals, this $110 million settlement is a welcome result for BHP investors wherever they are located.

“Phi Finney McDonald is proud to pursue securities class actions that seek to enforce high standards of market disclosure, which we see as vital to good corporate governance.”