PGMBM

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PGMBM and SPS Capital, a prominent Brazilian special situations fund with expertise in DIP financing and litigation funding, concluded a follow-on investment to partially further finance the case Municipality of Mariana & Ors v BHP plc & BHP Ltd. The claim against BHP was filed on behalf of the victims of the Fundão dam collapse that took place in November 2015 in Mariana, Brazil. The dam was owned by BHP’s Samarco joint venture and its collapse affected more than 200,000 people. In a landmark ruling, the English courts revived the claim that had been struck out last year, granting permission to appeal under exceptional appeals legislation.
London's Court of Appeal made a U-turn last week by agreeing to reopen a $7 billion lawsuit against Anglo-Australian mining giant BHP, reviving a case over a dam rupture behind Brazil's worst environmental disaster. PGMBM, who is bringing the claim with the backing of third party funding on behalf of 200,000 claimants, revived the case in April by applying for an oral Court of Appeal hearing - reserved only for exceptional cases - and arguing that the appeal judge had not properly grappled with arguments about why the case should proceed.
Ana Carolina Salomão Queiroz of PGMBM and Gian Kull of Syz Capital note that while a plethora of ESG strategies have emerged in the equities space, the world of alternatives still lacks a deep pool of ESG solutions, but they feel that litigation finance may lead the way if and when the EU issues a code of conduct for the responsible private funding of litigation through which litigation funding strategies could obtain ESG labels.
London's Court of Appeal will hear a request to revive a £5 billion lawsuit against Anglo-Australian mining group BHP over a 2015 dam failure in Brazil. Judge Nicholas Underhill has agreed to an oral hearing that could help to overturn a previous Court of Appeal decision which denied a 200,000-strong Brazilian claimant group permission to appeal against a judgment to strike out the landmark case. PGMBM is representing the Brazilian claimants.

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