Agnico Escapes Securities Appeal Over Damaged Gold Mine

Law360, Los Angeles (October 3, 2013, 5:31 PM EDT) -- The Second Circuit affirmed on Thursday a judgment clearing Agnico-Eagle Mines Ltd. and its brass of a multidistrict class action that claimed the Canadian company had concealed ongoing issues at one of its mines, which led to a $260 million writedown and a $2.2 billion shareholder loss.

In a summary judgment filed Thursday, the three-judge panel agreed with U.S. District Judge J. Paul Oetken’s “thorough” judgment from January, in which the district court ruled the executives of Agnico-Eagle couldn’t have known of damage at the mine...
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