Final Approval of Settlement Granted in Kohl v. Loma Negra Industrial Argentina Sociedad Argentina, Index No. 653114/2018 (Sup. Ct., N.Y. Cty.)

On April 10, 2024, Justice Andrew Borrok of the Supreme Court of the State of New York, County of New York, Commercial Division, Part 53, granted final approval of the $24.6 million class action settlement reached in the case captioned Dan Kohl v. Loma Negra Industrial Argentina Sociedad Argentina, Index No. 653114/2018 (Sup. Ct., N.Y. Cty.).  Lead Plaintiff and Class Representative Dan Kohl alleged that Defendants made materially false, misleading or incomplete statements in the Offering Documents for Loma Negra’s November 2017 IPO concerning two issues:  (i) bribery and other corruption-related wrongdoing by Loma’s parent, Camargo Corrêa S.A. (“Camargo”) (now known as Mover Participações S.A.), and Camargo’s construction subsidiary, Construções e Comércio Camargo Corrêa S.A. (“CCCC”); and (ii) the Argentine government’s cutbacks of funding for public works, from which Loma derived substantial revenues.  The Stipulation of Settlement and all relevant case documents can be found here.  Levi & Korsinsky are the Court-appointed Class Counsel.