2023-03-29 10:55:15 ET
BHP ( NYSE: BHP ) wants to delay a potential £36B (~$44B) London lawsuit over the deadly 2015 collapse of the Fundao dam in Brazil, saying it needs more time to prepare for the case, Reuters reported Wednesday.
BHP's ( BHP ) lawyers reportedly said the 2024 trial should be delayed to allow joint venture partner Vale ( VALE ) to participate and to give BHP more time to study a large amount of potentially relevant documents.
Vale ( VALE ) has challenged the London High Court's jurisdiction to determine the claim, which will be heard in July.
Lawyers representing the claimants said the number of claimants grew by ~500K to 720K, pushing the potential bill to $44B including interest if they are successful in the case.
BHP's ( BHP ) "future looks good but the stock is not yet a buy," The Methodical Investor writes in an analysis published recently on Seeking Alpha .
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BHP seeks delay in court case over 2015 Brazil dam collapse