Synopsis: The Brazilian federal government, along with the states of Minas Gerais and Espirito Santo, has filed a compensation petition in a Minas Gerais civil court for $20 billion in damages resulting from the catastrophic 2015 collapse of Samarco's Fundao dam, one of Brazil's worst environmental disasters. The legal action targets Samarco and its shareholders, Vale and BHP, based on a%age of their combined net profits from the last three years.Article: In a significant legal development, the public attorneys representing the Brazilian federal government, in conjunction with the states of Minas Gerais and Espirito Santo, have jointly filed a compensation petition in a civil court located in Minas Gerais. The claim seeks a substantial $20 billion in compensation for the extensive damages caused by the catastrophic collapse of Samarco's Fundao dam in 2015, an environmental tragedy of unparalleled magnitude in Brazil's history.The legal action is specifically directed towards Samarco, the company responsible for the operation of the dam, and its prominent shareholders, Vale and BHP. The attorneys behind the petition have established the compensation amount as a%age of the combined net profits generated by Vale and BHP over the past three years, suggesting a ratio of 20%.In response to this legal maneuver, Vale, one of the implicated companies, issued a statement expressing that it had not been officially notified of the compensation request. Vale also emphasized its intent to present its stance and defense as the legal proceedings concerning the claim unfold.Furthermore, Vale reiterated its unwavering commitment to the restoration and rectification of the extensive environmental and social damage incurred as a result of the Fundao dam's catastrophic collapse.Conclusion: The legal action initiated by the Brazilian federal government and two states, Minas Gerais and Espirito Santo, seeking $20 billion in compensation for the 2015 Samarco disaster, underscores the gravity of one of Brazil's worst environmental calamities. The lawsuit targets Samarco and its shareholders, Vale and BHP, based on a%age of their combined net profits over the past three years. Vale has expressed its commitment to addressing the consequences of the disaster and its intent to respond to the legal proceedings.
Synopsis: The Brazilian federal government, along with the states of Minas Gerais and Espirito Santo, has filed a compensation petition in a Minas Gerais civil court for $20 billion in damages resulting from the catastrophic 2015 collapse of Samarco's Fundao dam, one of Brazil's worst environmental disasters. The legal action targets Samarco and its shareholders, Vale and BHP, based on a%age of their combined net profits from the last three years.Article: In a significant legal development, the public attorneys representing the Brazilian federal government, in conjunction with the states of Minas Gerais and Espirito Santo, have jointly filed a compensation petition in a civil court located in Minas Gerais. The claim seeks a substantial $20 billion in compensation for the extensive damages caused by the catastrophic collapse of Samarco's Fundao dam in 2015, an environmental tragedy of unparalleled magnitude in Brazil's history.The legal action is specifically directed towards Samarco, the company responsible for the operation of the dam, and its prominent shareholders, Vale and BHP. The attorneys behind the petition have established the compensation amount as a%age of the combined net profits generated by Vale and BHP over the past three years, suggesting a ratio of 20%.In response to this legal maneuver, Vale, one of the implicated companies, issued a statement expressing that it had not been officially notified of the compensation request. Vale also emphasized its intent to present its stance and defense as the legal proceedings concerning the claim unfold.Furthermore, Vale reiterated its unwavering commitment to the restoration and rectification of the extensive environmental and social damage incurred as a result of the Fundao dam's catastrophic collapse.Conclusion: The legal action initiated by the Brazilian federal government and two states, Minas Gerais and Espirito Santo, seeking $20 billion in compensation for the 2015 Samarco disaster, underscores the gravity of one of Brazil's worst environmental calamities. The lawsuit targets Samarco and its shareholders, Vale and BHP, based on a%age of their combined net profits over the past three years. Vale has expressed its commitment to addressing the consequences of the disaster and its intent to respond to the legal proceedings.
