South African petrochemicals giant Sasol has quietly reached a $24-million settlement in a class action brought by investors over cost overruns at the company’s problem-plagued Lake Charles chemical plant project in the US state of Louisiana, according ...
The wheels were firmly set in motion in August 2020 when a US District Court judge ruled that Sasol had to face an investor class action launched in February that year, accusing it of lying about the true cost of the multibillion-dollar project in Louisiana. Some claims alleging misleading statements about internal controls were dismissed.
“Subject to court approval, plaintiffs have agreed to settle all claims in the action in exchange for a cash payment of $24-million, which has been deposited into an escrow account,” reads the “Plaintiff’s Motion for Final Approval of Settlement”, dated 21 July 2022.
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