Goderich salt mine owners settle multi-million-dollar class action lawsuits

Compass Minerals is maying millions as they settle two separate multi-million-dollar securities lawsuits.

The owners of Goderich’s salt mine, Compass Minerals, will be digging deep into their pockets to settle two separate, multi-million-dollar securities lawsuits.

The class action settlements, worth $48 million and $4.9 million, were approved by a U.S. court in April and July of this year.

The lawsuits were based upon “misleading disclosures” by company officers about the Goderich salt mine, specifically about the cost of operations, and how much salt the Goderich mine would produce using new equipment.

The “misleading disclosures” were made between 2017 and 2022.

Court heard that the company “misrepresented” the amount of salt they would be able to produce from the Goderich salt mine, failing to disclose how production shortfalls might reduce future operating income, and ultimately the company’s stock price.

The class action settlements will be split between investors and stockholders who lost money due to the “misleading disclosures” and their lawyers.