The company behind the controversial Pebble Mine in Southwest Alaska has agreed to pay nearly $6.4 million to a group of shareholders who claim they were misled by corporate leaders. (via AlaskaBeacon)
Spawning Bristol Bay sockeye salmon, with their distinctive red bodies and green heads, swim in the waters of Lake Clark National Park and Preserve in 2003. nearly $6.4 million to a group of shareholders who claim they were misled by corporate leaders.
The court filings name only a few individual investors, but the lawsuit has become a class-action claim with “likely hundreds, if not thousands of potential Settlement Class Members” to share in the payment, said the settlement memorandum filed on Wednesday. If the court approves the agreement and certifies the class, others who owned Northern Dynasty securities between Dec. 21, 2017 and Nov. 25, 2020 could be eligible for payment from the settlement total, according to the memorandum.
The mine, targeting copper primarily, appears to be administratively blocked; the Environmental Protection Agency in January invoked a rarely used Clean Water Act provision that EPA said the Pebble Mine would have “” on salmon habitat in the Bristol Bay region, site of the world’s largest sockeye salmon runs, and the people and ecosystem dependent on that habitat.
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