Brazilian market News

Broker BMS Re Launches Operations in Brazil, Led by 2 Former Guy Carpenter Execs

BMS Re, the independent specialist reinsurance broker, announced the launch of BMS Brasil Corretora de Resseguros Ltda (BMS Re Brazil), headquartered in Sao Paulo. Confirmation of BMS Re Brazil’s license was published in the Official Gazette on Sept. 27. José …

Brazil Judge Orders Vale to Pay Damages to Families of Victims of 2019 Mining Disaster

BRASILIA – A regional labor judge has ordered Brazilian miner Vale SA to pay 1 million reais ($197,240) in compensation to each of the families of 131 employees killed in the collapse of a mining dam in 2019. The disaster …

Lawsuit Against BHP over Brazil Dam Collapse Fails on Appeal in English Court

LONDON – A 200,000-strong Brazilian claimant group said on Wednesday it had failed to resurrect a 5.0 billion pound ($6.9 billion) English lawsuit against Anglo-Australian mining giant BHP over a devastating 2015 dam failure. The Court of Appeal agreed with …

French Retailer Sued over Amazon Deforestation Linked to Cattle Raising

PARIS – Environmental groups and indigenous activists from the Amazon region filed a lawsuit Wednesday in a French court alleging that France-based supermarket chain Groupe Casino is violating human rights and environment rules by selling beef linked to deforestation and …

Upstream Mine Tailings Dams Pose Higher Risks of Instability: Study

The most widespread type of dam used to store mine waste is nearly twice as unstable as the average tailings facility, a global study showed on Friday, highlighting the risk of so-called “upstream” construction techniques that some countries have banned. …

Brazilians Bring Lawsuit Against Norsk Hydro over Alleged Pollution

Some 40,000 Brazilians are bringing a group-action lawsuit in the Netherlands against Norwegian aluminum producer Norsk Hydro over alleged toxic waste pollution in northern Brazil. The lawsuit has been brought by a group of communities who live in the lower …

Vale Agrees to Pay Settlement of $7 Billion for Brazilian Mine Disaster in 2019

Vale SA reached a settlement agreement with Brazilian authorities for a dam collapse that killed 270 people and led to production cutbacks that stripped the company of the title of world’s biggest iron ore producer. The deal comes two years …

Brazilian Dam Claimants to Take BHP Class Action to English Court of Appeal

Lawyers for about 200,000 Brazilian claimants, whose multi-billion dollar lawsuit against Anglo-Australian miner BHP over a 2015 dam collapse was struck down last November, said on Tuesday they will petition the English Court of Appeal to review the case. “This …

Pro Global Expands in Latin America with Brazil Office

Global re/insurance outsourcing and consulting specialist Pro Global Holdings Ltd. (Pro) announced the expansion of its services within Latin America with the opening of a wholly owned office in Sao Paulo, Brazil. Brazil Office Manager Juan Pablo Bragadin – who …

Brazil Petrochemical Company Braskem Settles Lawsuits over Sinking City for $1.75B

BRASILIA – Brazilian petrochemical company Braskem SA said on Wednesday it reached a 9.1 billion reais ($1.75 billion) deal to settle lawsuits over cracks and sinking ground near its salt mines in the city of Maceio that requires thousands to …