According to a report by the Financial Times, the companies have proposed to settle the case with a payment of $1.4 billion.
Of the proposed settlement package, $800 million would go directly toward compensation for victims, while the remaining $600 million is allocated to cover legal costs related to the proceedings at the High Court in London.
The disaster occurred in the southeastern Brazilian town of Mariana when a dam operated by Samarco a joint venture between BHP and Vale collapsed. The incident claimed dozens of lives and caused massive environmental damage, affecting hundreds of thousands of people. In the aftermath, numerous individuals and organizations filed lawsuits against the companies.
Lawyers leading the England class-action lawsuit say total compensation claims could reach £36 billion (approximately $48.29 billion). The settlement offer was raised during a meeting held in June in New York, attended by UK-based law firm Pogust Goodhead, which represents the claimants, and Gramercy, the US-based hedge fund that is the primary litigation funder in the case.
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