Chemical & Mining (SQM)
Settlement of Villella v. Chemical and Mining Company of Chile Inc., et al.
Civil Action No. 1:15-cv-02106-ER-GWG
The parties have reached a settlement of this action, pending in the United States District Court for the Southern District of New York. The settlement provides for the payment of $62,500,000 for the benefit of eligible Class Members. Lead Plaintiff The Council of the Borough of South Tyneside Acting in its Capacity as the Administering Authority of the Tyne and Wear Pension Fund alleged Defendant violated §10(b) of the Securities Exchange Act of 1934. Lead Plaintiff alleged Defendant Chemical and Mining Company of Chile Inc. (“SQM”) made materially false and misleading statements and failed to disclose adverse information regarding its business and operations, specifically, its use of a phony invoice scheme created to bribe high level politicians across the country’s political spectrum. The revelation of this news and resulting fallout caused the inflated price of SQM’s American Depository Shares (“ADSs”) to decline significantly.
The Class consists of all Persons who purchased or otherwise acquired SQM ADSs traded on the New York Stock Exchange during the Class Period. Excluded from the Class are: (i) SQM; (ii) any entity in which SQM has a controlling interest; (iii) the officers and directors of SQM; (iv) the legal representatives, heirs, successors or assigns of any such excluded party; and (v) any person who sold the entirety of their position in SQM ADS before January 11, 2015. Also excluded from the Class is any Person who would otherwise be a Member of the Class but who validly and timely requested exclusion in accordance with the requirements set by the Court.
The settlement was approved by the Court on April 26, 2021.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.