Parties released the following agreed statement:
“EarthRights International represents a group of anonymous plaintiffs from the Bajo Aguán region of Honduras. On behalf of those plaintiffs, EarthRights filed a putative class action lawsuit against the IFC Asset Management Corporation (AMC), a subsidiary of the International Finance Corporation (IFC) and IFC. The parties have reached an agreement to settle the matter, which is pending court approval. As part of the agreement, IFC will be dismissed outright from the suit and is only a party to the settlement on behalf of AMC. The Parties retain their respective litigation positions. Neither IFC, AMC, nor any affiliate or related parties admit to any breach, wrongdoing, or liability.
“Under the settlement agreement, funds will be contributed to community support interventions which will be administered by an administrator, who is not a party to the litigation, in consultation with the plaintiffs and class members. The community support interventions are intended to benefit farmers’ cooperatives and residents of Panamá village as well as other people in and from the Bajo Aguán region of Honduras.
“All Parties are satisfied with the agreement and are hopeful that this matter will resolve without further litigation.”
Contact:
Kate Fried, EarthRights International
kate.fried@earthrights.org
(202) 257. 0057
