BHP faces beefed up class action over Samarco disaster
31 May 2019
BHP is facing the prospect of a seriously a beefed-up class action over its Samarco dam collapse after a court ruled two class actions against the miner should be combined.
...The Full Court of the Federal Court found that Maurice Blackburn and PFM should find a way to work together.
The decision means BHP will now face a much strong class action claim with Maurice Blackburn and PFM pooling the thousands of investors who have signed up into a single claim.
The decision is also expected to increase the firepower in the claim with the well-resourced and experienced law firm Maurice Blackburn adding some serious muscle to the PFM case.
BHP is vigorously defending the claims.
...About 30,000 shareholders have signed up to the PFM and Maurice Blackburn claims, including nearly 300 institutional investors.
...Maurice Blackburn national head of class actions Andrew Watson welcomed the Full Court decision.
"If the case is successful it will provide investors with greater returns than the alternatives," Mr Watson said.
"It's obvious from the structure of the court's orders that they are hopeful that we will be able to reach some sort agreement with Phi Finney McDonald about a consolidated proceeding."