Turquoise Hill $138.75M Securities Class Action Settlement

Turquoise Hill Resources Limited, Rio Tinto plc, Rio Tinto Limited, Jean-Sébastien Jacques and Arnaud Soirat

Consumers who purchased or otherwise acquired Turquoise Hill Resources Ltd. common stock, call options or sold put options or entered into swaps replicating a purchase of Turquoise Hill common stock in domestic transactions or on U.S. exchanges between July 17, 2018, and July 31, 2019, may qualify to claim a portion of a class action settlement.

Turquoise Hill Resources Ltd. agreed to pay $138,750,000 to resolve a class action lawsuit alleging Rio Tinto plc, Rio Tinto Limited and certain executives made material misrepresentations and omissions regarding the development of the Oyu Tolgoi mine in Mongolia, including statements about project delays and cost overruns.

Who is eligible to file a Turquoise Hill claim?

The following individuals and entities (such as corporations, trusts, partnerships and IRAs) are eligible to file a claim:

Anyone who purchased or otherwise acquired Turquoise Hill common stock in domestic transactions or on U.S. exchanges between July 17, 2018, and July 31, 2019, and was damaged thereby
Anyone who purchased or otherwise acquired call options on Turquoise Hill common stock in domestic transactions or on U.S. exchanges during the same period and was damaged thereby
Anyone who sold put options on Turquoise Hill common stock in domestic transactions or on U.S. exchanges during the same period and was damaged thereby
Anyone who entered into swap transactions replicating a purchase of Turquoise Hill common stock in domestic transactions or on U.S. exchanges during the same period and was damaged thereby

For those who held Turquoise Hill securities through an employee retirement or benefit plan covered by the Employee Retirement Income Security Act, only transactions outside of the ERISA plan are eligible for a claim. Claims based on ERISA plan transactions may only be made by the plan’s trustees.

How much can class members receive?

The amount each class member can receive depends on several factors, including:

How many securities they purchased
The type of security (common stock, call option, put option, or swap)
The date of purchase or acquisition
The date of sale or disposition (if applicable)
The price paid or received
Whether the security was held through key corrective disclosure dates
The number of valid settlement claims

The estimated average recovery is:

Approximately $0.21 per eligible share of Turquoise Hill common stock (or swap transaction equivalent)
Approximately $0.04 per eligible option

These amounts are before deductions for court-approved attorneys’ fees, litigation expenses, notice and administration costs, and any other court-approved costs.

If the total value of all valid claims exceeds the net settlement fund, payments will be reduced on a pro rata basis. If the net settlement fund exceeds the total value of valid claims, the excess will be distributed pro rata to claimants. Claims resulting in a payment of less than $10 will not receive a distribution.

How to claim a securities payment

Class members can submit the online claim form or download, print and compete the PDF claim form and mail it to the settlement administrator. Claim forms must be postmarked or submitted online no later than Sept. 24, 2025.

Settlement administrator's mailing address: Turquoise Hill Securities Litigation c/o JND Legal Administration, P.O. Box 91153 Seattle, WA 98111

The claims administrator will acknowledge receipt of claim forms by mail within 60 days.

Is proof or documentation required to submit a claim?

Yes. All class members must provide the last four digits of their Social Security number or taxpayer identification number.

Claimants must provide detailed information about each transaction, including:

Dates of purchase, sale or acquisition
Number of shares, contracts or swap units
Prices paid or received

Class members must also provide documentation to support their claim. Acceptable documentation includes:

Copies of brokerage confirmation slips or monthly brokerage account statements showing the purchase, sale or holding of Turquoise Hill securities
Authorized statements from brokers containing the transactional and holding information
For swaps, documentation showing the terms and conditions of the swap sufficient to prove eligibility
If the transaction was not on a public exchange, documentation showing the transaction occurred in the United States (such as a statement showing execution in U.S. dollars and receipt into a U.S. brokerage account)

Failure to provide sufficient documentation may result in the rejection of the claim.

Payout options

Settlement payments will be made by paper check.

$138.75 million settlement fund breakdown

The $138,750,000 settlement fund covers:

Settlement administration costs: To be determined
Attorneys' fees: Up to $18,037,500
Attorneys' expenses: Up to $2,600,000
Payments to eligible class members: The remainder of the fund

Important dates

Deadline to file a claim: Sept. 24, 2025
Deadline to request exclusion: Sept. 24, 2025
Settlement fairness hearing: Oct. 15, 2025

When is the Turquoise Hill securities litigation payout date?

Payments to eligible class members will be made after the court grants final approval of the settlement, any appeals are resolved and all claims are processed.

Why did this class action settlement happen?

The class action lawsuit alleged Turquoise Hill Resources Limited and certain executives made false and misleading statements about the development of the Oyu Tolgoi mine in Mongolia, including information about project delays and cost overruns. The plaintiffs claimed these misrepresentations violated federal securities laws and caused investors to pay inflated prices for Turquoise Hill securities.

The defendants denied any wrongdoing but agreed to settle to avoid the burden, uncertainty and expense of continued litigation and trial.