Andrews & Springer LLC filed a class action and derivative complaint on behalf of public stockholders of Southern Copper Corporation (“Southern Copper”) against the Company’s controlling stockholder Grupo México S.A.B. de C.V. (“Grupo México”) and the board of directors of Southern Copper in Delaware Chancery Court, civil action number 11779-VCG.  Southern Copper is an integrated producer of copper and other minerals, and operates mining, smelting and refining facilities in Peru and Mexico.  

The complaint alleges breaches of fiduciary duties and breach of contract for violation of the Southern Copper Corporation’s Charter arising from serial abuses of power by the controlling stockholder.  Specifically, Grupo México took advantage of its controlling position by causing the Company to sell two natural gas-fired power plants for only $150 million.

Please click here for a copy of the Public Version of the Verified Class Action and Derivative Complaint.