Canada’s top court clears way for class action over Lundin's 2017 disclosure
Canada’s Supreme Court has upheld a ruling that allows investors to proceed with a proposed securities class action against Lundin Mining, clearing the way for the case to be heard in Ontario’s Superior Court of Justice, the company said on Friday.
The decision affirms a 2023 ruling by the Ontario Court of Appeal that permitted the action to move forward. The claim centres on whether Lundin should have disclosed a 2017 pit wall instability and rockslide at its Candelaria mine in Chile earlier than it did.
Lundin disclosed the event on November 29, 2017, as part of its routine operational update. The lawsuit alleges that the information constituted a “material change” and therefore required prompt disclosure under the Ontario Securities Act, rather than being treated as a “material fact” that could be reported in the normal course.
The company said there has been no decision on the merits of the allegations and that it intended to defend the action.
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