Newcrest Mining Limited
(ASX:NCM) has reached an agreement to settle the shareholder class action proceedings commenced by Earglow in the Federal Court of Australia in July 2014.
Earglow is acting on behalf of a group of shareholders who acquired an interest in Newcrest shares between 13 August 2012 and 6 June 2013.
Newcrest has agreed to pay $36 million in full and final settlement, including the applicant’s legal fees.
The company says the settlement was in the best interests of Newcrest shareholders to enable the company to focus on improving returns, and not on a lengthy trial.
Newcrest reported a net profit of $121.8 million at 31 December 2015.
