On Friday (March 24) a federal court in New York annulled the majority of a class action lawsuit against Vale and its executives related to a dam colapse in Minas Gerais in November 2015. However parts of the case remain standing, related to specific statements made by the company (2013 and 2014) and a conference call.
Recently, Vale had also informed that a federal court of Minas Gerais partially ratified the preliminary agreement entered by Samarco Mineração S.A and its shareholders, Vale and BHP Billiton Brasil Ltda with the Federal Prosecutor’s Office in Brazil on January 18, 2017,” which established procedures and timeframe for the entering of a final agreement, engagement of experts to provide technical support to the Federal Prosecutors and establishment of guarantees”.
Vale considered that an important decision since it recognized “the complexity and importance of reaching a consensual solution in order to implement the necessary measures to remediate all the impacts caused by the Samarco dam failure”.
At the occasion, the firm said that all programs under the Framework Agreement entered into by the companies and the governmental authorities on March 2nd, 2016 “continue to be effective and are currently being implemented”.