Cliffs To Pay $84M To End Investor Suits Over Troubled Mine
Law360, New York (February 8, 2016, 6:10 PM EST) -- Cliffs Natural Resources Inc. has agreed to pay $84 million to settle a shareholder lawsuit in Ohio federal court and similar state-court suits alleging the company's former officers misled investors about the financial effect of its purchase of a Canadian iron mine, the company announced Sunday.
The deal will resolve both a proposed class action in Ohio federal court and a group of shareholder derivative actions in Ohio state court. The suits claim Cliffs misled investors as to the viability of its 2011 acquisition of the Bloom Lake mine from Consolidated Thompson Iron Mines Ltd. Cliffs' insurers will foot the investor...
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