Mining Co. Dodges Investor MDL Over $2.2B Loss

Law360, New York (January 14, 2013, 4:40 PM EST) -- A New York federal judge on Monday cleared Agnico-Eagle Mines Ltd. and its brass of multidistrict litigation that claimed the Canadian company concealed ongoing issues at one of its mines, leading to a $260 million writedown and $2.2 billion shareholder loss.

Granting the defendants' motion to dismiss the securities fraud MDL and denying a leave to amend the complaint, U.S. District Judge J. Paul Oetken ruled that Agnico-Eagle's failure to disclose certain structural issues with its Quebec-based Goldex Mine did not rise to the level of...
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