Brower Piven

In this lawsuit, Plaintiffs assert that, during the period between February 14, 2002 and September 26, 2002, inclusive (i.e., the “Class Period”), Barrick, Barrick’s former Chief Executive Officer and President, Randall Oliphant, Barrick’s former Chief Operating Officer and Vice Chairman, John K. Carrington, and Barrick’s current Chief Financial Officer, Jamie C. Sokalsky, made materially false and/or misleading statements regarding, among other things, Barrick’s purported financial condition, operations, accounting, growth, income, earnings and prospects. Specifically, Plaintiffs assert that Defendants violated Section 10(b) of the Securities Exchange Act of 1934, and Securities and Exchange Commission Rule 10b-5. The lawsuit seeks money damages from Defendants. Defendants have vigorously denied, and continue to deny, that they have committed any violation of the federal securities laws or other laws, and have vigorously denied, and continue to deny all allegations of wrongdoing or liability whatsoever alleged or asserted in the Action. It is Defendants’ position that they owe no damages.

Plaintiffs engaged in extensive pretrial investigation in this Action called “discovery.”  At the time the settlement was reached, the discovery deadline had passed, and the parties were engaged in the final pretrial procedures and preparing pretrial motions.  The Action was scheduled for the commencement of trial on March 9, 2009.

The parties had engaged in several failed rounds of settlement negotiation and mediation during the pendency of the Action. In January, 2009, the parties engaged in one last mediation before trial with the assistance of the Honorable Daniel H. Weinstein (Ret.). Following extended and vigorous negotiations, including the exchange of lengthy confidential mediation statements and documentation supporting their respective positions and supervised meetings between the parties to discuss the strengths and weaknesses of their respective positions and the risks of the litigation, the mediation process resulted in the currently proposed $24,000,000 (U.S.) cash settlement of the Action.