On 19 July 2019, the Full Court made orders consolidating the Impiombato proceedings and the Klemweb Nominees proceedings. The consolidated proceeding is known as Vince Impiombato, and Klemweb Nominees Pty Ltd as trustee for the Klemweb Superannuation Fund v BHP Group Ltd (VID649/2018) (Consolidated Proceeding).
Victoria Registry, Federal Court of Australia (VID649/2018).
Date of Filing
31 May 2018.
Vince Impiombato, and Klemweb Nominees Pty Ltd as trustee for the Klemweb Superannuation Fund v BHP Group Ltd.
Solicitors for Applicant
Phi Finney McDonald.
Solicitors for Respondent
Herbert Smith Freehills.
G&E KTMC Funding LLC, which previously funded the Impiombato proceedings, will partly fund the Consolidated Proceeding.
Maurice Blackburn will continue to act on a no-win no-fee basis in the Consolidated Proceeding.
On 5 November 2015, the Fundão tailings dam at the Germano mine in Minas Gerais, Brazil collapsed and released a mudflow that killed 19 people and has had a catastrophic and enduring impact on the surrounding communities and the environment.
Following the dam collapse, BHP’s share price plunged about 20 per cent between 5 November 2015 and 30 November 2015
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, engaged in misleading and deceptive conduct, and shareholders suffered loss or damage as a result of BHP’s actions.
Persons who acquired an interest during the period from 8 August 2012 to 9 November 2015 (inclusive) 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 Consolidated Proceedings claims loss suffered by shareholders up to 30 November 2015.
Capacity to Join
Stay application (18 December 2018).
Competing Class Actions
Johnson Winter & Slattery
Victoria Registry, Federal Court of Australia (VID1218/2018).
Los Angeles County Employees Retirement Association v BHP Group Limited.
Date of Filing
24 September 2018.
Harbour Fund IV, L.P. and Robbins Geller Rudman & Dowd LLP.
8 August 2012 to 9 November 2015.