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On Mongolia Gold Mine of Rio Tinto Pentwater Funds Wants To Be Lead Plaintiff Amid Doubts

By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - ESPN

SDNY COURTHOUSE, Dec 30 – In the case about a gold-copper mine in Mongolia, against Rio Tinto and Turquoise Hill, some of the plaintiffs did not show up on December 30: Nicholas Lyon and movant Altannavch Sukhbaatar. 

 On December 30, U.S. District Court for the Southern District of New York Judge Lewis J. Liman held a proceeding. Inner City Press covered and live tweeted it, here: First up is Nicholas Porritt representing Chang Pin Lin. "This is a family group. The movant Mr. Lin executed the trade. He has standing to assert these claims," he says.

 Judge Liman asks if Chang Pin Lin got assignments, seeming from others in his "family group."

Porritt says yes, but hasn't submitted them into the docket. Judge Liman orders him to so do by Jan 4. Now Porritt is trashing other wannabe lead plaintiffs as atypical 

Judge Liman: Wasn't this issue addressed in the IMAX case, with which I'm familiar because I litigated it? Porritt: We don't have to show that they learned non-public info....    

He's talking about the Pentwater Funds; it would seem they'll be speaking soon.  Judge Liman asks about Pentwater Funds' block trade, through TD Securities in Chicago - does anyone know with whom the trade was made?

Porritt says he does not. Looking in the docket, Pentwater is represented by Salvatore Graziano of NYC's Bernstein Litowitz 

Now it's Graziano for Pentwater Funds: "My client are sophisticated investors, as Congress intended in the PSLRA... Chang Pin Lin's losses are a fraction of Pentwater, whose CEO is ready to ask questions.

 Judge Liman: Will Mr. Halbower [of Pentwater] be running for the board of Turquoise Hill again? 

Graziano: We could ask him...

Judge Liman: Not right now. Finish your argument; maybe we'll put him under oath... 

Judge Liman: I've never case an investor this big, in a company this thinly traded, trying to be lead plaintiff. Graziano: Look at the Committee notes during the passage of the PSLRA

Judge Liman will not be deciding today. He's asked for filings on January 8, and January 13.

The case is In re Turquoise Hill Resources Ltd. Securities Litigation, 20-cv-8585 (Liman)


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