In re Vale S.A. Securities Litigation
Vale S.A. Securities Litigation
15 Civ. 09539 (GHW) (S.D.N.Y)

Frequently Asked Questions

 

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  • The Court directed that the Notice be mailed to you because you or someone in your family or an investment account for which you serve as a custodian may have purchased or otherwise acquired Vale common or preferred American Depositary Receipts (“ADRs”) during the Class Period.  The Court has directed us to send you the Notice because, as a potential Settlement Class Member, you have a right to know about your options before the Court rules on the proposed Settlement.  Additionally, you have the right to understand how this class action lawsuit may generally affect your legal rights.  If the Court approves the Settlement and the Plan of Allocation (or some other plan of allocation), the Claims Administrator selected by Lead Plaintiffs and approved by the Court will make payments pursuant to the Settlement after any objections and appeals are resolved.

    The purpose of the Notice is to inform you of the existence of this case, that it is a class action, how you might be affected, and how to exclude yourself from the Settlement Class if you wish to do so.  It is also being sent to inform you of the terms of the proposed Settlement and of a hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement, the proposed Plan of Allocation, and the motion by Lead Counsel for an award of attorneys’ fees and payment of Litigation Expenses (the “Settlement Hearing”). 

    The issuance of the Notice is not an expression of any opinion by the Court concerning the merits of any claim in the Action, and the Court still has to decide whether to approve the Settlement. If the Court approves the Settlement and a plan of allocation, then payments to Authorized Claimants will be made after any appeals are resolved and after the completion of all claims processing.  Please be patient, as this process can take some time to complete.

  • Vale is a mining company incorporated in Brazil and headquartered in Rio de Janeiro, Brazil.  During the Class Period, the Company’s common stock ADRs traded on the New York Stock Exchange (“NYSE”) under the symbol “VALE” and the Company’s preferred stock ADRs traded on the NYSE under the symbol “VALE/P.”  This case arises from the catastrophic collapse of the Fundão mining dam in the Brazilian state of Minas Gerais, which unleashed millions of tons of mining waste.  The collapse of the dam led to the deaths of 19 people, the destruction of many homes, and pollution of numerous rivers. Less than two months after the collapse of the dam, a Brazilian court found that Vale likely would be held liable for the resulting environmental damage as both a “direct polluter” through its use of the dam and as an “indirect polluter” through its control of the joint venture that operated the dam.

    On December 7, 2015, a class action complaint was filed in the United States District Court for the Southern District of New York (the “Court”), styled Ming Hom v. Vale, S.A., et al., Case No. 1:15-cv-9539.  On January 28, 2016, another class action complaint was filed in the Court, styled Valli T. Chin v. Vale, S.A., et al., 1:16-cv-658.

    By Order dated March 7, 2016, the Court ordered that the cases be consolidated under the caption In re: Vale S.A. Securities Litigation, 1:15-cv-9539-GHW (the “Action”); appointed Alameda County Employees’ Retirement Association and the Orange County Employees’ Retirement System as Lead Plaintiffs for the Action; and approved Lead Plaintiffs’ selection of Bernstein Litowitz Berger & Grossmann LLP as Lead Counsel for the class.

    On April 29, 2016, Lead Plaintiffs filed and served their Consolidated Amended Class Action Complaint (the “Complaint”) asserting claims against all Defendants under Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, and against the Individual Defendants under Section 20(a) of the Exchange Act.  Among other things, the Complaint alleged that Defendants made materially false and misleading statements about Vale’s mining business; Vale’s risk mitigation plans, policies, and procedures; and Vale’s responsibility for the collapse of the Fundão Dam.  The Complaint further alleged that the price of Vale’s ADRs was artificially inflated as a result of Defendants’ allegedly false and misleading statements and declined when the truth was revealed.

    On July 25, 2016, Defendants served a motion to dismiss the Complaint.  On August 29, 2016, Lead Plaintiffs served their memorandum of law in opposition to this motion and, on September 12, 2016, Defendants served their reply papers.  On March 23, 2017, the Court issued its Memorandum Opinion and Order granting in part and denying in part Defendants’ motion to dismiss the Complaint.

    Discovery in the Action commenced in May 2017. Defendants and third parties produced more than 35 million pages of documents to Lead Plaintiffs. Lead Plaintiffs produced over 23,000 pages of documents to Defendants. Lead Plaintiffs also obtained documents and sworn testimony from third-parties in Brazil pursuant to Letters Rogatory issued by the Court. Defendants and Lead Plaintiffs also served interrogatories and requests for admissions and exchanged numerous letters concerning discovery issues. Lead Plaintiffs and Defendants also took more than 20 fact and expert depositions in the United States, England, and Brazil.

    In late 2018, the Parties agreed to engage in private mediation in an attempt to resolve the Action and agreed that former United States District Judge Layn Phillips of Phillips ADR would act as mediator in the case.  A mediation session before Layn Phillips was held on April 15, 2019.  In advance of that session, the Parties exchanged detailed mediation statements, which addressed the issues of liability, damages, and class certification.  The session ended without any agreement being reached.  Following that mediation, and over the course of the next several months, the Parties continued to attempt to resolve the Action through numerous telephonic calls with Judge Phillips.  Ultimately, in late December 2019, the Parties reached an agreement in principle to settle the Action and release the Released Plaintiffs’ Claims against Defendants in return for a cash payment by or on behalf of Defendants of $25,000,000 for the benefit of the Settlement Class.

    On February 5, 2020, the Parties entered into the Stipulation and Agreement of Settlement, which sets forth the terms and conditions of the Settlement.  The Stipulation was amended on February 20, 2020. The Stipulation and amendment are available in the Important Page of this website.

    On February 22, 2020, the Court preliminarily approved the Settlement, authorized the Notice to be disseminated to potential Settlement Class Members, and scheduled the Settlement Hearing to consider whether to grant final approval to the Settlement.

  • If you are a member of the Settlement Class, you are subject to the Settlement, unless you timely request to be excluded. The Settlement Class consists of:

    all persons and entities that purchased or otherwise acquired Vale common or preferred ADRs during the Class Period 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.

    Excluded from the Settlement Class are: (i) Defendants, (ii) Immediate Family Members of Defendants, (iii) any directors and officers of Defendants during the Class Period and members of their Immediate Families, (iv) the subsidiaries, parents, and affiliates of Vale S.A., (v) any firm, trust, corporation or other entity in which any Defendant has or had a controlling interest, and (vi) the legal representatives, heirs, successors, and assigns of any such excluded party.  Also excluded from the Settlement Class are any persons or entities who or which exclude themselves by submitting a request for exclusion in accordance with the requirements set forth in the Notice.

    PLEASE NOTE:  Receipt of the Notice does not mean that you are a Settlement Class Member or that you will be entitled to a payment from the Settlement.

    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.

  • Lead Plaintiffs and Lead Counsel believe that the claims asserted against Defendants have merit.  They recognize, however, the expense and length of continued proceedings necessary to pursue their claims against Defendants through summary judgment, trial, and appeals, as well as the very substantial risks they would face in establishing liability and damages.  For example, those risks include challenges in establishing that Defendants’ statements about the Company’s risk-mitigation policies and procedures and the safety of its operations were false or misleading and that the Individual Defendants knew that the statements were false or were reckless in making them.  Defendants have contended—and would have contended at summary judgment or trial—that their statements were neither false nor misleading and were supported by contemporaneous records from the Independent Tailings Review Board charged with overseeing the conditions of the Fundão Dam.  Defendants also have contended, and would have contended at summary judgment or trial, that their statements are not actionable because they are the type of vague, general, or aspirational statements that are immaterial as a matter of law.

    Lead Plaintiffs also faced risks relating to loss causation and damages.  Defendants would have contended at summary judgment and trial, supported by their economic expert’s analysis, that Lead Plaintiffs could not establish a causal connection between the alleged misrepresentations about Vale’s operations and risk-mitigation policies and procedures and the losses investors allegedly suffered, as required by law.

    In light of these risks, the amount of the Settlement, and the immediacy of recovery to the Settlement Class, Lead Plaintiffs and Lead Counsel believe that the proposed Settlement is fair, reasonable, and adequate, and in the best interests of the Settlement Class.  Lead Plaintiffs and Lead Counsel believe that the Settlement provides a substantial benefit to the Settlement Class, namely $25,000,000 in cash (less the various deductions described in the Notice), as compared to the risk that the claims in the Action would produce a smaller recovery, or no recovery, after summary judgment, trial, and appeals, possibly years in the future.

    Defendants have denied the claims asserted against them in the Action and deny that the Settlement Class was harmed or suffered any damages as a result of the conduct alleged in the Action.  Defendants have agreed to the Settlement solely to eliminate the burden and expense of continued litigation.  Accordingly, the Settlement may not be construed as an admission of any wrongdoing by Defendants.

  • If there were no Settlement and Lead Plaintiffs failed to establish any essential legal or factual element of their claims against Defendants, neither Lead Plaintiffs nor the other members of the Settlement Class would recover anything from Defendants. Also, if Defendants were successful in proving any of their defenses, either at summary judgment, at trial, or on appeal, the Settlement Class could recover substantially less than the amount provided in the Settlement, or nothing at all.

  • As a Settlement Class Member, you are represented by Lead Plaintiffs and Lead Counsel, unless you enter an appearance through counsel of your own choice at your own expense.  You are not required to retain your own counsel, but if you choose to do so, such counsel must file a notice of appearance on your behalf and must serve copies of his or her appearance on the attorneys listed in the section entitled, “When And Where Will The Court Decide Whether To Approve The Settlement?

    If you are a Settlement Class Member and do not wish to remain a Settlement Class Member, you may exclude yourself from the Settlement Class by following the instructions in the section entitled, “What If I Do Not Want To Be A Member Of The Settlement Class?  How Do I Exclude Myself?

    If you are a Settlement Class Member and you wish to object to the Settlement, the Plan of Allocation, or Lead Counsel’s application for attorneys’ fees and Litigation Expenses, and if you do not exclude yourself from the Settlement Class, you may present your objections by following the instructions in the section entitled, “When And Where Will The Court Decide Whether To Approve The Settlement?

    If you are a Settlement Class Member and you do not exclude yourself from the Settlement Class, you will be bound by any orders issued by the Court.  If the Settlement is approved, the Court will enter a judgment (the “Judgment”).  The Judgment will dismiss with prejudice the claims against Defendants and will provide that, upon the Effective Date of the Settlement, Lead Plaintiffs and each of the other Settlement Class Members, on behalf of themselves, and their respective heirs, executors, administrators, predecessors, successors, and assigns, in their capacities as such, will have fully, finally, and forever compromised, settled, released, resolved, relinquished, waived, and discharged each and every Released Plaintiffs’ Claim against Defendants and the other Defendants’ Releasees and will forever be barred and enjoined from prosecuting any or all of the Released Plaintiffs’ Claims against any of the Defendants’ Releasees.

    “Released Plaintiffs’ Claims” means all claims, debts, demands, rights, or causes of action of every nature and description, whether known claims or Unknown Claims, whether arising under federal, state, local, statutory, common, or foreign law, that Lead Plaintiffs or any other member of the Settlement Class asserted in the Complaint or could have asserted in any forum that arise out of or are based upon those allegations, transactions, facts, matters or occurrences, representations or omissions involved, set forth, or referred to in the Complaint that occurred prior to the collapse of the Fundão Dam on November 5, 2015 and that relate to the purchase or acquisition of Vale common or preferred ADRs during the Class Period.  For the avoidance of doubt, Released Plaintiffs’ Claims do not include:  (i) any claims relating to the enforcement of the Settlement; and (ii) any claims of any person or entity who or which submits a request for exclusion that is accepted by the Court.

    “Defendants’ Releasees” means defendants and their current and former parents, affiliates, subsidiaries, officers, directors, agents, successors, predecessors, assigns, assignees, partnerships, partners, trustees, trusts, employees, Immediate Family Members, insurers, reinsurers and attorneys, in their capacities as such.

    “Unknown Claims” means any Released Plaintiffs’ Claims which any Lead Plaintiffs or any other Settlement Class Member does not know or suspect to exist in his, her, or its favor at the time of the release of such claims, and any Released Defendants’ Claims which any Defendant does not know or suspect to exist in his or its favor at the time of the release of such claims, which, if known by him, her, or it, might have affected his, her, or its decision(s) with respect to this Settlement.  With respect to any and all Released Claims, the Parties stipulate and agree that, upon the Effective Date of the Settlement, Lead Plaintiffs and Defendants shall expressly waive, and each of the other Settlement Class Members shall be deemed to have waived, and by operation of the Judgment shall have expressly waived, to the fullest extent permitted by law, any and all provisions, rights, and benefits conferred by any law of any state or territory of the United States, or principle of common law or foreign law, which is similar, comparable, or equivalent to California Civil Code §1542, which provides:

    A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.

    The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal, or review, whether by certiorari or otherwise, has expired.

    Lead Plaintiffs and Defendants acknowledge, and each of the other Settlement Class Members shall be deemed by operation of law to have acknowledged, that the foregoing waiver was separately bargained for and a key element of the Settlement.

    The Judgment will also provide that, upon the Effective Date of the Settlement, Defendants, on behalf of themselves and their respective heirs, executors, administrators, predecessors, successors, and assigns, in their capacities as such, will have fully, finally, and forever compromised, settled, released, resolved, relinquished, waived, and discharged each and every Released Defendants’ Claim against Lead Plaintiffs and the other Plaintiffs’ Releasees  and will forever be barred and enjoined from prosecuting any or all of the Released Defendants’ Claims against any of the Plaintiffs’ Releasees.

    “Released Defendants’ Claims” means all claims, debts, demands, rights, or causes of action of every nature and description, whether known claims or Unknown Claims, whether arising under federal, state, local, statutory, common, or foreign law, that arise out of or relate in any way to the institution, prosecution, or settlement of the claims asserted in the Action against Defendants.  Released Defendants’ Claims do not include: (i) any claims relating to the enforcement of the Settlement; or (ii) any claims against any person or entity who or which submits a request for exclusion from the Settlement Class that is accepted by the Court.

    “Plaintiffs’ Releasees” means Lead Plaintiffs, all other plaintiffs in the Action, and all other Settlement Class Members, and their respective current and former parents, affiliates, subsidiaries, officers, directors, agents, successors, predecessors, assigns, assignees, partnerships, partners, trustees, trusts, employees, Immediate Family Members, insurers, reinsurers, and attorneys, in their capacities as such.

  • To be eligible for a payment from the Settlement, you must be a member of the Settlement Class and you must timely complete and return the Claim Form with adequate supporting documentation postmarked no later than July 14, 2020.  A Claim Form is included with the Notice, or you may obtain one from the Important Document Section of this Website.  You may also request that a Claim Form be mailed to you by calling the Claims Administrator toll free at 1-855-961-0960 or by emailing the Claims Administrator at info@ValeSecuritiesLitigation.com.  Please retain all records of your ownership of and transactions in Vale ADRs, as they will be needed to document your Claim.  The Parties and Claims Administrator do not have information about your transactions in Vale ADRs.

    If you request exclusion from the Settlement Class or do not submit a timely and valid Claim Form, you will not be eligible to share in the Net Settlement Fund.

  • At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlement.

    Pursuant to the Settlement, Defendants have agreed to pay or caused to be paid a total of $25,000,000 in cash (the “Settlement Amount”).  The Settlement Amount will be deposited into an escrow account.  The Settlement Amount plus any interest earned thereon is referred to as the “Settlement Fund.”  If the Settlement is approved by the Court and the Effective Date occurs, the “Net Settlement Fund” (that is, the Settlement Fund less (i) any Taxes; (ii) any Notice and Administration Costs; (iii) any Litigation Expenses awarded by the Court; (iv) any attorneys’ fees awarded by the Court; and (v) any other costs or fees approved by the Court) will be distributed to Settlement Class Members who submit valid Claim Forms, in accordance with the proposed Plan of Allocation or such other plan of allocation as the Court may approve.

    The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal, or review, whether by certiorari or otherwise, has expired.

    Neither Defendants nor any other person or entity that paid any portion of the Settlement Amount on their behalf are entitled to get back any portion of the Settlement Fund once the Court’s order or judgment approving the Settlement becomes Final.  Defendants shall not have any liability, obligation, or responsibility for the administration of the Settlement, the disbursement of the Net Settlement Fund, or the plan of allocation.

    Approval of the Settlement is independent from approval of a plan of allocation.  Any determination with respect to a plan of allocation will not affect the Settlement, if approved.

    Unless the Court otherwise orders, any Settlement Class Member who or which fails to submit a Claim Form postmarked on or before July 14, 2020 shall be fully and forever barred from receiving payments pursuant to the Settlement but will in all other respects remain a member of the Settlement Class and be subject to the provisions of the Stipulation, including the terms of any Judgment entered and the releases given.  This means that each Settlement Class Member releases the Released Plaintiffs’ Claims against the Defendants’ Releasees and will be barred and enjoined from prosecuting any of the Released Plaintiffs’ Claims against any of the Defendants’ Releasees whether or not such Settlement Class Member submits a Claim Form.

    Participants in, and beneficiaries of, any Vale employee benefit plan covered by ERISA (“ERISA Plan”) should NOT include any information relating to their transactions in Vale ADRs held through the ERISA Plan in any Claim Form that they submit in this Action.  They should include ONLY those ADRs that they purchased or acquired outside of the ERISA Plan.  Claims based on any ERISA Plan’s purchases or acquisitions of Vale ADRs during the Class Period may be made by the plan’s trustees.

    The Court has reserved jurisdiction to allow, disallow, or adjust on equitable grounds the Claim of any Settlement Class Member.

    Each Claimant shall be deemed to have submitted to the jurisdiction of the Court with respect to his, her, or its Claim Form.

    Only members of the Settlement Class will be eligible to share in the distribution of the Net Settlement Fund.  Persons and entities that are excluded from the Settlement Class by definition or that exclude themselves from the Settlement Class pursuant to request will not be eligible for a payment and should not submit Claim Forms.  The only securities that are included in the Settlement are American Depositary Receipts (“ADRs”) representing Vale’s common and preferred shares.  Other securities, including ordinary common or preferred shares of Vale purchased on the Brazilian stock exchange are not eligible.

  • Lead Counsel has not received any payment for its services in pursuing claims asserted in the Action on behalf of the Settlement Class, nor has Lead Counsel been paid for their litigation expenses.  Before final approval of the Settlement, Lead Counsel will apply to the Court for an award of attorneys’ fees in an amount not to exceed 17% of the Settlement Fund.  Lead Counsel intends to compensate another law firm, Bottini & Bottini, Inc. (the “Bottini Firm”), based on work that firm did at the outset of the litigation.  The payment to the Bottini Firm will be in an amount commensurate with that firm’s efforts in this litigation and will paid from the attorneys’ fees that Lead Counsel receives in this Action.  Lead Counsel also intends to apply for payment of Litigation Expenses in an amount not to exceed $2 million, which may include an application for reimbursement of the reasonable costs and expenses incurred by Lead Plaintiffs directly related to their representation of the Settlement Class, pursuant to the PSLRA.  The Court will determine the amount of any award of attorneys’ fees or Litigation Expenses.  Such sums as may be approved by the Court will be paid from the Settlement Fund.  Settlement Class Members are not personally liable for any such fees or expenses.

  • Each Settlement Class Member will be bound by all determinations and judgments in this lawsuit, whether favorable or unfavorable, unless such person or entity mails or delivers a written Request for Exclusion from the Settlement Class, addressed to In re Vale S.A. Securities Litigation, EXCLUSIONS, c/o JND Legal Administration, P.O. Box 91315, Seattle, WA 9811  The Request for Exclusion must be received no later than May 20, 2020.  You will not be able to exclude yourself from the Settlement Class after that date.  Each Request for Exclusion must (i) state the name, address, and telephone number of the person or entity requesting exclusion, and in the case of entities, the name and telephone number of the appropriate contact person; (ii) state that such person or entity “requests exclusion from the Settlement Class in In re: Vale S.A. Securities Litigation, 1:15-cv-9539-GHW (S.D.N.Y.)”; (iii) state the number of Vale common and preferred ADRs that the person or entity requesting exclusion (A) owned as of the opening of trading on May 8, 2014 and (B) purchased/acquired and/or sold from May 8, 2014 through March 18, 2016, as well as the dates, type, and number of ADRs, and prices of each such purchase/acquisition and sale; and (iv) be signed by the person or entity requesting exclusion or an authorized representative.  A Request for Exclusion shall not be valid and effective unless it provides all the information called for in this paragraph and is received within the time stated above, or is otherwise accepted by the Court.

    If you do not want to be part of the Settlement Class, you must follow these instructions for exclusion even if you have pending, or later file, another lawsuit, arbitration, or other proceeding relating to any Released Plaintiffs’ Claim against any of the Defendants’ Releasees.

    If you ask to be excluded from the Settlement Class, you will not be eligible to receive any payment out of the Net Settlement Fund.

    Defendants have the right to terminate the Settlement if valid requests for exclusion are received from persons and entities entitled to be members of the Settlement Class in an amount that exceeds an amount agreed to by Lead Plaintiffs and Defendants.

  • Settlement Class Members do not need to attend the Settlement Hearing.  The Court will consider any submission made in accordance with the provisions below even if a Settlement Class Member does not attend the hearing.  You can participate in the Settlement without attending the Settlement Hearing.  Please Note: The date and time of the Settlement Hearing may change without further written notice to the Settlement Class.  You should check the Court’s docket or the Important Document Section of this website before making plans to attend the Settlement Hearing.  You may also confirm the date and time of the Settlement Hearing by contacting Lead Counsel.

    The Settlement Hearing will be held on June 10, 2020 at 4:00 p.m., before the Honorable Gregory H. Woods at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, Courtroom 12C, 500 Pearl Street, New York, NY 10007-1312, to determine, among other things, (i) whether the proposed Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable, and adequate to the Settlement Class, and should be finally approved by the Court; (ii) whether for purposes of the Settlement only, the Action should be certified as a class action on behalf of the Settlement Class, Lead Plaintiffs should be certified as Class Representatives for the Settlement Class, and Lead Counsel should be appointed as Class Counsel for the Settlement Class; (iii) whether the Action should be dismissed with prejudice against Defendants and the Releases specified and described in the Stipulation should be granted; (iv) whether the proposed Plan of Allocation should be approved as fair and reasonable; (v) whether Lead Counsel’s motion for an award of attorneys’ fees and Litigation Expenses should be approved; and (vi) any other matters that may properly be brought before the Court in connection with the Settlement.  The Court reserves the right to certify the Settlement Class; approve the Settlement, the Plan of Allocation, and Lead Counsel’s motion for attorneys’ fees and Litigation Expenses; and/or consider any other matter related to the Settlement at or after the Settlement Hearing without further notice to the members of the Settlement Class.

    Any Settlement Class Member who or which does not request exclusion may object to the Settlement, the proposed Plan of Allocation, or Lead Counsel’s motion for attorneys’ fees and Litigation Expenses.  Objections must be in writing.  You must file any written objection, together with copies of all other papers and briefs supporting the objection, with the Clerk’s Office at the United States District Court for the Southern District of New York at the address set forth on or before May 20, 2020.  You must also serve the papers on Lead Counsel and on Defendants’ Counsel at the addresses set forth below so that the papers are received on or before May 20, 2020.
     

    Clerk’s Office

    United States District Court
    Southern District of New York

    Daniel Patrick Moynihan
    U.S. Courthouse
    500 Pearl Street
    New York, NY 10007
     

    Lead Counsel

    Bernstein Litowitz Berger
    & Grossmann LLP

    John C. Browne, Esq.
    1251 Avenue of the Americas,
    44th Floor
    New York, NY 10020
     

    Defendants’ Counsel

    Gibson, Dunn & Crutcher LLP

    Christopher M. Joralemon, Esq.
    200 Park Avenue
    New York, NY 10166-0193
     

     

    Any objection must (i) state the name, address, and telephone number of the person or entity objecting and must be signed by the objector; (ii) state with specificity the grounds for the Settlement Class Member’s objection, including any legal and evidentiary support the Settlement Class Member wishes to bring to the Court’s attention and whether the objection applies only to the objector, to a specific subset of the Settlement Class, or to the entire Settlement Class; and (iii) include documents sufficient to prove membership in the Settlement Class, including documents showing the number of Vale common and preferred ADRs that the objecting Settlement Class Member (A) owned as of the opening of trading on May 8, 2014 and (B) purchased/acquired and/or sold during the Class Period (i.e., from May 8, 2014 through November 27, 2015, inclusive), as well as the dates, type, and number of ADRs, and prices of each such purchase/acquisition and sale.  Documentation establishing membership in the Settlement Class must consist of copies of brokerage confirmation slips or monthly brokerage account statements, or an authorized statement from the objector’s broker containing the transactional and holding information found in a broker confirmation slip or account statement.  You may not object to the Settlement, the Plan of Allocation, or Lead Counsel’s motion for attorneys’ fees and Litigation Expenses if you exclude yourself from the Settlement Class or if you are not a member of the Settlement Class.

    You may file a written objection without having to appear at the Settlement Hearing.  You may not, however, appear at the Settlement Hearing to present your objection unless you first file and serve a written objection in accordance with the procedures described in the Notice, unless the Court orders otherwise.

    If you wish to be heard orally at the hearing in opposition to the approval of the Settlement, the Plan of Allocation, or Lead Counsel’s motion for an award of attorneys’ fees and Litigation Expenses, assuming you timely file and serve a written objection as described you must also file a notice of appearance with the Clerk’s Office and serve it on Lead Counsel and on Defendants’ Counsel and assure that it is received on or before May 20, 2020.  Persons who intend to object and desire to present evidence at the Settlement Hearing must include in their written objection or notice of appearance the identity of any witnesses they may call to testify and exhibits they intend to introduce into evidence at the hearing.  Such persons may be heard orally at the discretion of the Court.

    You are not required to hire an attorney to represent you in making written objections or in appearing at the Settlement Hearing.  However, if you decide to hire an attorney, it will be at your own expense, and that attorney must file a notice of appearance with the Court and serve it on Lead Counsel and Defendants’ Counsel at the addresses above so that the notice is received on or before May 20, 2020.

    The Settlement Hearing may be adjourned by the Court without further written notice to the Settlement Class.  If you plan to attend the Settlement Hearing, you should confirm the date and time with Lead Counsel.

    Unless the Court orders otherwise, any Settlement Class Member who does not object in the manner described above will be deemed to have waived any objection and shall be forever foreclosed from making any objection to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel’s motion for an award of attorneys’ fees and Litigation Expenses. Settlement Class Members do not need to appear at the Settlement Hearing or take any other action to indicate their approval.

     
  • If you purchased or otherwise acquired Vale common or preferred ADRs during the period from May 8, 2014 through November 27, 2015, inclusive, for the beneficial interest of persons or organizations other than yourself, you must either (i) within seven (7) calendar days of receipt of the Notice, request from the Claims Administrator sufficient copies of the Notice and Claim Form (the “Notice Packet”) to forward to all such beneficial owners and within seven (7) calendar days of receipt of those Notice Packets forward them to all such beneficial owners; or (ii) within seven (7) calendar days of receipt of the Notice, provide a list of the names, addresses, and email addresses (if available) of all such beneficial owners to In re Vale S.A. Securities Litigation, c/o JND Legal Administration, P.O. Box 91315, Seattle, WA 98111.  If you choose the second option, the Claims Administrator will send a copy of the Notice Packet to the beneficial owners.  Upon full compliance with these directions, such nominees may seek reimbursement of their reasonable expenses actually incurred, by providing the Claims Administrator with proper documentation supporting the expenses for which reimbursement is sought.  Copies of the Notice and the Claim Form may also be obtained from the Important Document Page of this website, by calling the Claims Administrator toll-free at 1‑855-961-0960, or by emailing the Claims Administrator at info@ValeSecuritiesLitigation.com.

  • The Notice contains only a summary of the terms of the proposed Settlement.  For more detailed information about the matters involved in this Action, you are referred to the papers on file in the Action, including the Stipulation, which may be inspected during regular office hours at the Office of the Clerk, United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007-1312.  Additionally, copies of the Stipulation and any related orders entered by the Court will be available from the Important Document Page of this website.

    All inquiries concerning the Notice and the Claim Form should be directed to:
     

    In re Vale S.A. Securities Litigation
    c/o JND Legal Administration
    P.O. Box 91315
    Seattle, WA 98111
    1-855-961-0960
    info@ValeSecuritiesLitigation.com
    www.ValeSecuritiesLitigation.com


    and/or
     

    John C. Browne, Esq.
    Bernstein Litowitz Berger & Grossmann LLP
    1251 Avenue of the Americas, 44th Floor
    New York, NY 10020
    1-800-380-8496
    settlements@blbglaw.com

    DO NOT CALL OR WRITE THE COURT, THE OFFICE OF THE CLERK OF THE COURT, DEFENDANTS, OR THEIR COUNSEL REGARDING THE NOTICE.

     

For More Information

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Mail

Vale Securities Litigation
c/o JND Legal Administration
PO Box 91315
Seattle, WA 98111