Turquoise Hill Settles Securities Class Action for $138.75 Million

A settlement of $138.75 million has been reached in a securities class action lawsuit involving Turquoise Hill Resources Limited, Rio Tinto plc, Rio Tinto Limited, Jean-Sébastien Jacques, and Arnaud Soirat. The lawsuit alleged that these entities and individuals were involved in material misrepresentations and omissions related to the development of the Oyu Tolgoi mine in Mongolia. This included statements about project delays and cost overruns.

Consumers who purchased or otherwise acquired Turquoise Hill common stock, call options, sold put options, or entered into swaps replicating a purchase of Turquoise Hill common stock between July 17, 2018, and July 31, 2019, may be eligible to claim a portion of the settlement.

Eligible claimants include individuals and entities such as corporations, trusts, partnerships, and IRAs that meet specific criteria related to their securities transactions during the specified timeframe. Those who held Turquoise Hill securities through an employee retirement or benefit plan covered by the Employee Retirement Income Security Act are only eligible for claims related to transactions outside of the ERISA plan.

The amount each class member can receive from the settlement will vary based on factors such as the type of security purchased, the date of purchase, and the price paid. The estimated average recovery per eligible share of Turquoise Hill common stock or equivalent swap transaction is approximately $0.21, and approximately $0.04 per eligible option.

To claim a securities payment, class members must submit a claim form by the deadline of September 24, 2025. Proof of transactions, including documentation such as brokerage confirmation slips or monthly statements, is required to support the claim. Failure to provide sufficient documentation may result in the rejection of the claim.

Payments to eligible class members will be made by paper check after final court approval of the settlement. The $138.75 million settlement fund will cover various costs, including settlement administration, attorneys’ fees, and expenses, with the remainder allocated to eligible claimants.

The class action settlement arose from allegations that Turquoise Hill Resources Limited and certain executives disseminated false and misleading information regarding the Oyu Tolgoi mine’s development, leading to inflated prices for Turquoise Hill securities. While the defendants denied any wrongdoing, they agreed to settle to avoid the uncertainties and expenses associated with continued litigation and trial.

In conclusion, the Turquoise Hill securities class action settlement offers eligible claimants the opportunity to seek compensation for losses incurred due to alleged misrepresentations and omissions. Claimants must adhere to the specified deadlines and provide necessary documentation to support their claims for a chance to receive a portion of the settlement fund.