The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing: And (III) Motion For Attorney's Fees and Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
The Notice relates to the settlement of claims in a pending securities class action brought by investors alleging, among other things, that Vale S.A. ("Vale") and certain of its officers, Murilo Pinto de Oliveira Ferreira, Luciano Siani Pires, and Gerd Peter Poppinga (collectively, the “Individual Defendants,” and, together with Vale, the “Defendants”) violated the federal securities laws by making false and misleading statements concerning the safety of Vale’s mining operations and dams.
Lead Plaintiffs, on behalf of themselves and the Settlement Class, have settled the Action in exchange for $25,000,000 in cash (the “Settlement Amount”).
On June 10, 2020, the Court held a hearing on approval of the Settlement and related matters. Following the hearing, the Court entered a Judgment approving the Settlement, an order approving the proposed Plan of Allocation, and an order awarding attorneys’ fees and litigation expenses.
If you are a member of the Settlement Class, your rights will be affected and you may be eligible for a payment from the Settlement.
The Settlement Class consists of:
all persons and entities that purchased or otherwise acquired Vale common or preferred American Depositary Receipts ("ADRs") during the period from May 8, 2014 through November 27, 2015, inclusive and were damaged as a result of declines in the prices of Vale ADRs allegedly caused by the revelation of the truth of alleged false statements made by Vale before the collapse of the Fundão Dam on November 5, 2015 concerning the safety of its mining operations and dams, including, in particular, various representations concerning Vale’s risk mitigation plans, policies and procedures.
If you are a Settlement Class Member and you wish to be eligible to receive a payment from the Settlement, you are required to submit the Claim Form that is being distributed with the Notice and the required supporting documentation as set forth therein postmarked no later than July 14, 2020.
Payments to eligible claimants will be made only after the completion of all claims processing. Please be patient, as this process will take some time to complete.
|YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
|SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN JULY 14, 2020.
||This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims that you have against Defendants and the other Defendants’ Releasees, so it is in your interest to submit a Claim Form.
||If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.
How do I obtain more information?
Detailed information about the Action and the Settlement is contained in the Notice. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-855-961-0960 or emailing info@ValeSecuritiesLitigation.com or mailing a letter to:
In re Vale S.A. Securities Litigation
c/o JND Legal Administration
P.O. Box 91315
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.