Gold Standard (NASDAQ), the Utah company that is attempting to win back the Mercur gold mine from American Barrick Resources (TSE), recently lost its case against British banking firm Samuel Montagu & Co. A Utah jury ruled that while Samuel Montagu received confidential information from Gold Standard that enabled Barrick to buy the mine in 1985, Gold Standard did not suffer sufficient harm to award the company a favorable decision or any damages from Montagu’s actions.
In its lawsuit, the Utah company accused Montagu director Don van der Westhuizen of breaching his fiduciary duty to Gold Standard by sharing what it said was confidential information to Barrick.
Acquired from Texaco Inc., Mercur is currently the second largest producer in Barrick’s portfolio of six gold mines. Last year it churned out 117,000 oz. of the yellow metal.
Legal proceedings launched against Barrick by Gold Standard are expected to be heard in a Utah court next year. However, a trial date hasn’t yet been set.
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