Samarco Bankers Sue

25 Jan 2017 by OOSKAnews Correspondent
New York, NY, United States

Banco Safra SA has filed a class action in New York against BHP Billiton and Vale, joint-venture partners in Samarco, the iron ore mine responsible for Brazil’s worst ever environmental disaster. Australian media reports that the Brazilian bank holds $1.6 Billion USD in notes associated with funding of the project. The claim, which is filed on behalf of the bank and other unnamed note-holding parties alleges breaches of disclosure requirements by BHP and Vale.As recently as last week, Samarco bonds saw an improvement after Brazil’s mines and energy minister Fernando Coelho Filho was reported as saying at the World Economic Forum in Davos that he believed the venture would "get back in business, having addressed all the environmental and legal problems"...

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