Claims

ASX Code: BHP
ISIN: AU000000BHP4
Claim Period: 21 October 2013 to 9 November 2015
Registry

Victoria Registry, Federal Court of Australia (VID649/2018).

File Title

VINCE IMPIOMBATO v BHP GROUP LIMITED.

Date of Filing

31 May 2018.

Presiding Judge

Justice Moshinsky.

Solicitors for Applicant

Phi Finney McDonald.

Solicitors for Respondent

Herbert Smith Freehills.

Funder

G&E KTMC Funding LLC.

Class Members

Phi Finney McDonald filed a class action against BHP Billiton Limited (BHP) on behalf of investors who between 21 October 2013 to 9 November 2015 (inclusive) acquired an interest in:

  • BHP Billiton Limited securities traded on the Australian Stock Exchange (ASX); and/or
  • BHP Billiton Plc securities traded on the London Stock Exchange (LSE) and/or the Johannesburg Stock Exchange (JSE).

The class action claims loss suffered by shareholders up to and including 30 November 2015.

Capacity to Join

Open.

Current Status

Case management hearing was on 21 June 2019.

Judgment

Stay application (18 December 2018).

 

Competing Class Actions

Johnson Winter & Slattery
Registry

Victoria Registry, Federal Court of Australia (VID1218/2018).

File Title

LOS ANGELES COUNTY EMPLOYEES RETIREMENT ASSOCIATION v BHP GROUP LIMITED.

Date of Filing

24 September 2018.

Funder

Harbour Fund IV, L.P. and Robbins Geller Rudman & Dowd LLP.

Relevant Period

8 August 2012 to 9 November 2015.

Current Status

Permanently stayed.

 

Maurice Blackburn
Registry

Victoria Registry, Federal Court of Australia (VID1077/2018).

File Title

KLEMWEB NOMINEES PTY LTD (AS TRUSTEE FOR THE KLEMWEB SUPERANNUATION FUND) v BHP GROUP LIMITED.

Date of Filing

31 August 2018.

Presiding Judge

Justice Moshinsky.

Solicitors for Applicant

Maurice Blackburn.

Solicitors for Respondent

Herbert Smith Freehills.

Funder

Not funded by a commercial litigation funder. Maurice Blackburn applied to the Federal Court for orders approving a Litigating Services Fee, the key features of which are as follows:

Settlement or judgment sum recovered (gross) Percentage of recovery which is payable to Maurice Blackburn
For all amounts recovered up to and including $150,000,000 not more than 15%
For any amounts recovered in excess of $150,000,000 not more than 10%
Claim Overview

The class action alleges BHP failed to comply with its continuous disclosure obligations by failing to adequately inform the market of the risks and consequences of failure of the dam, which had been beset with problems for years, and engaged in misleading and deceptive conduct.

Following the dam collapse, BHP’s share price plunged about 20 per cent between 6 November 2015 and 30 November 2015.

Potential Class Members

Participation is open to persons who acquired an interest in fully paid ordinary shares in BHP during the period between 27 August 2014 and 9 November 2015 (inclusive).

Current Status

The Full Court heard an appeal by Maurice Blackburn after their proceeding was stayed at first instance and held, on 21 June 2019:

  • that Johnson Winter & Slattery and Maurice Blackburn’s proceedings be consolidated if an acceptable joint proposal can be agreed;
  • that the proposed consolidated proceeding be expanded to make the addition claims pleaded in the Johnson Winter & Slattery proceedings; and
  • Maurice Blackburn’s fees are limited to a no win-no fee basis.