BHP, the world’s largest miner by market value, has lost an appeal in a London court seeking to block an over £5 billion lawsuit by 200,000 Brazilians over a deadly dam failure in Brazil seven years ago. The group claim is one of the largest in British legal history. PGMBM and SPS Capital are funding the claim.
The High Court of Australia has unanimously dismissed mining giant BHP’s attempt to exclude non-Australian resident shareholders from a class action filed against the company over the Fundão dam disaster in 2015, paving the way for foreign residents and investors who held BHP shares to seek redress in the Australian Court. The class action is backed by funder G&E KTMC Funding, with Grant & Eisenhofer and Kessler Topaz Meltzer & Check representing the class.
SPS Capital, a prominent Brazilian special situations fund with R$2.0 billion (USD $380 million) in assets under management, has been acquired by Vinci Partners, another leading alternative investment platform in Brazil. SPS Capital, together with PGMBM, is funding the high-profile claim against mining giant BHP in relation to the Fundão dam collapse.
PGMBM has launched an opt-out group claim in the UK against famed guitar maker Fender for alleged price fixing. From 2013 to 2018, Fender required its guitars to be sold at or above a minimum price and was fined £4.5 million by the Competition and Markets Authority for breaching UK and European competition law. PGMBM will be entering into a a funding agreement to cover the costs of the proceedings, and the proposed class representative also plans to acquire after-the-event (ATE) insurance to cover any of Fender’s costs in the event that this claim is unsuccessful.
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