The Class Action
In 2012, a proposed class action was commenced against Nevsun Resources Ltd. (“Nevsun”) and certain others. The plaintiffs allege 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, the notice summarizing the settlement 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. The Administrator’s contact information is provided on the Contact page of this website.
Participating in the Settlement
To participate in the distribution of compensation as a result of the settlement, you should file a Claim if you purchased Nevsun Shares on the TSX or an alternative Canadian trading platform during the Class Period, and held some or all of those Shares at the close of trading on February 6, 2012.
Each Class Member must submit a completed Claim Form and supporting documents (the “Claim Package”) to the Administrator, on or before 5:00 pm (Eastern) on March 16, 2015 in order to participate in the settlement. If you do not submit a completed Claim Form by March 16, 2015, you will not receive any part of the settlement funds.
Claims should be registered using the Claims System.
Paper claim forms are available from the Settlement Administrator if a Class Member does not have access to a computer with Internet connectivity.
Opting Out of the Settlement
If you do not want to participate in the settlement you must file an opt-out form. The deadline for receipt of a properly completed opt-out form is January 13, 2015 at 5:00 p.m. (Eastern). The deadline has passed; it is no longer possible to opt out of the Settlement.
Answers to Frequently Asked Questions
The Frequently Asked Questions page of this website provides answers to questions about the settlement and the claims process.
Please visit this website regularly as it will be updated with news and Court-approved documents throughout the administration of the Nevsun settlement.