Northern Dynasty Settles With Disgruntled Shareholders re: Pebble Mine
Northern Dynasty Minerals, the Canadian mining firm backing the proposed Pebble Mine in Southwestern Alaska, has reached a nearly $6.4 million settlement, through mediation, with a group of investors disgruntled about information they received on the project.
The U.S. District Court for the Eastern District of New York noted that the law favors settlement, particularly in class actions and other complex cases because they tie up substantial judicial resources, use up the parties’ time and money, and, in such cases, litigation resolution is usually significantly delayed.
This past Jan. 30, after over a dozen years of administrative review, the U.S. Environmental Protection Agency (EPA) vetoed the proposed mine to protect the over $2 billion in annual revenue from the Bristol Bay wild s...