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TRQ.US
id: 1626
Turquoise Hill (TRQ) $138.75M Investor Settlement
$138,750,000
Cash SettlementS.D. New York
Court1:20-cv-08585
Case number07/17/2018
Class period Start07/31/2019
Class period End09/24/2025
Claim deadlineTurquoise Hill ($TRQ) has agreed to a $138.75 million settlement to resolve claims that it misled investors about the cost and timeline of the Oyu Tolgoi underground mine expansion in Mongolia.
Outline:
Turquoise Hill reported progress on the Oyu Tolgoi underground mine expansion in Mongolia. Investors later alleged the company failed to disclose significant delays and cost increases affecting the project. In July 2019, Turquoise Hill revealed the expansion would face major delays and higher costs, and the stock declined sharply. Investors filed suit and Turquoise Hill later agreed to a $138.75 million settlement.
Timeline:
- July 15, 2019: Turquoise Hill disclosed delays and increased costs for the Oyu Tolgoi underground expansion.
- July 16, 2019: $TRQ declined about 44% following the disclosure.
- October 14, 2020: Investors filed a securities class action lawsuit against Turquoise Hill, Rio Tinto, and former executives.
- May 14, 2025: The parties executed a term sheet for a $138.75 million settlement.
- June 17, 2025: Turquoise Hill agreed to the settlement to resolve the claims.
Background:
Turquoise Hill Resources is a mining company with a major interest in the Oyu Tolgoi copper and gold mine in Mongolia. The project, developed in partnership with Rio Tinto, included a large underground expansion intended to significantly increase production.
Before 2019, the company provided updates indicating the project was progressing according to plan. Investors later alleged the company did not fully disclose internal concerns about the project’s schedule and potential cost overruns.
In July 2019, Turquoise Hill announced that the underground expansion would be delayed by up to 30 months and that costs could increase by $1.2 to $1.9 billion above earlier estimates. The announcement raised concerns about the project’s management and financial outlook.
Following the disclosure and the decline in the company’s share price, investors filed a securities class action alleging that earlier statements about the project’s timeline and costs were misleading.
What Can Investors Expect Now?
Turquoise Hill agreed to a $138.75 million settlement with $TRQ investors to resolve claims that it misled them about the cost and timeline of the Oyu Tolgoi underground mine expansion.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section.
Case Type
US Securities Class Action
Case Status
Distribution Preparation
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management,
Investment Bank
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.21
Filing date
10/14/2020
Plaintiffs
Pentwater Capital Management LP
Attorneys
Bernstein Litowitz Berger & Grossmann LLP
Defendants
Jean-Sébastien Jacques; Arnaud Soirat
Administrator
JND Legal Administration
Court hearing date
10/15/2025
Exclusion deadline
09/24/2025
Objection deadline
09/24/2025
Attorney fee
$20,637,500
Trades matching type
FIFO
Frequently Asked Questions
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Do I have to sell securities to be eligible?
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