Shareholders Claim Mining Execs Hid $246M Project Overrun

Law360, New York (June 19, 2012, 6:54 PM EDT) -- Canada-based Baja Mining Corp. was sued Friday in British Columbia provincial court over $246 million in cost overruns at its $1.14 billion Mexican metals project, which an investor says it concealed to ward off a shareholder mutiny and defeat an April proxy challenge.

Louis Dreyfus Commodities Metals Suisse SA, which owns 5.2 percent of Baja, filed the suit, seeking an investigation into the escalating price tag of the Minera y Metalurgica del Boleo SA de CV project, which is operated and 70 percent owned by Baja,...
To view the full article, register now.

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.