Investor Class Mines $9M From Harmony Gold

Law360, New York (July 19, 2011, 12:13 PM EDT) -- Harmony Gold Mining Co. on Monday agreed to shell out $9 million to settle a securities fraud class action in New York arising from the South African company’s overstated earnings in 2007.

The proposed settlement resolves claims from investors in American Depositary Receipts that Harmony failed to report problems at South African mines and a faulty accounting program that missed about $34.5 million in operating costs.

“The proposed settlement will allow the class to receive a concrete benefit now, not a hypothetical benefit after years of...
To view the full article, register now.




Case Information

Case Title

Hayes v. Harmony Gold Mining Company Limited et al

Case Number



New York Southern

Nature of Suit



Loretta A. Preska

Date Filed

April 16, 2008

Law Firms


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.