Sunday, August 10, 2014

Mount Polley Disaster...Here Come The Litigators.


We thank an Anon-O-Mouse and Don F. for pointing us towards the following:

...Siskinds LLP today (Aug. 7th) announced the commencement of an investor class action against Imperial Metals Corporation (“Imperial”) (TSX:III) and certain of its directors, officers and related parties. The action relates to the circumstances surrounding the failure of the tailings facilities at Imperial’s Mount Polley gold and copper mine near Likely, British Columbia on August 4, 2014.

The action is brought to recover losses suffered by persons who acquired common shares or notes of Imperial between August 15, 2011 and August 4, 2014...


That's a pretty big window that 2011 to 2014 window.

What happened in 2011, again?

Oh ya, we remember now.

Documentary evidence and all that.

Weirdly, 'Suskinds' isn't the only litigation specialist jumping in to the effluent fray...Is this what these fine folks do...Wait for a big share drop and than start the chase?



Kim said...

Is that the sound of the moneyed class stampeding to the carcass for the choice bits of meat?

Do you think the Province will join the frenzy to recover the assets needed to pay for the cleanup? You know, so the taxpayers won't get stuck with the bill? I don't think so either.

Interesting tidbit Laila found last night. Apparently, the Environment Ministry issued an Order yesterday afternoon at 3 PM banning the public from the entire disaster zone. PDF...

RossK said...

Thanks Kim--

That is some big exclusion triangle they've got going there.


Dana said...

The government BC finding itself being ordered to pay hundreds of millions in damages for negligence and dereliction as a result of a class action suit might be what it takes to wake these neanderthal SoCred wannabes up from their lifelong slumber.

Which reminds me - am I the only one Crusty reminds of Bill Vanderzalm. ?



scotty on denman said...

This action, repugnant as owners suing owners for owners' culpability is, will attempt to show negligence on the government's part. Heck, Imperial Metals has only $15 million insurance coverage---that is, if they qualify. BC would be smart to seize what it can before these hard-done-by "victims" empty their company's bank account.

We've seen how BC Liberals treat public coffers: we saw them waste millions defending culprits in the BC Rail corruption scandal, then pay the only two BC Liberals convicted so far in that fiasco $6 million more public dollars to keep quiet about anything else they might have known with regard insider trading and bribery. Then there's the tens of millions wasted fighting the teachers in court over the unconstitutionality of government ripping up negotiated labour contracts---this sad story continues with the government's daring appeal to the SCoC, daring because they were warned by two judges to hang it up or suffer harsher punishment. But, hey!, the BC Liberals don't have to pay, we tax-payers do!

Then their was the Boss mine fiasco where the BC Liberals used another $30 million of tax-payers' dollars to get out of another pickle. It will be interesting to see what the BC Liberals do now as, increasingly, various agencies look for culpability at Mount Polley and start to point their fingers toward our worn-out pocket book by way of BC Liberal neo-right ideology and ultimately of neglect.

Way to go Christy! You're bankrupting us by degree.

e.a.f. said...

The company will declare become bankrupt, very quickly and that will be the end of the law suits. If people start to sue the provincial government, we will all be on the "hook" for this. But hey, people voted for the lieberals and now they can pay for it. Just add the law suit settlements to the $60 to $100billin the province already owes. Its sort of like Detroit North.