SQM, Santiago, said on Nov. 11 it signed a binding term summary for settlement of class action litigation with the lead plaintiff Borough of South Tyneside, which was acting on behalf of the Tyne and Wear Pension Fund.
SQM has agreed to pay $62.5 million, and the settlement will resolve claims by class plaintiffs related to alleged noncompliance with securities laws and regulations in the U.S. in connection with disclosures made by the company. SQM said the amount paid will be reflected as an expense in third-quarter financial statements.