The Class Action
In 2012, a proposed class action was commenced against Nevsun Resources Ltd. (“Nevsun”) and certain others. The plaintiffs alleged that the defendants knew, or ought to have known, that the stated gold reserves at the Bisha mine were materially overstated.
On October 6, 2014, Justice Gates of the Ontario Superior Court of Justice approved the settlement. A copy of the settlement agreement, the approval order, the plan of allocation and other court-approved documents, may be downloaded from the Documents page of this website.
The “Class” or “Class Members” means all persons, other than an Excluded Person or an Opt-Out Party, who acquired Shares during the Class Period, March 31, 2011 to and including February 6, 2012, and held some or all of those Shares at the close of trading on the TSX on February 6, 2012.
The Court appointed Marsh Risk Consulting Canada (“Marsh”) as the Administrator to, among other things, receive and process claims, decide eligibility for compensation, and distribute the net settlement funds to eligible Class Members.