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LONDON (AP) — A London judge ruled Friday that global mining company BHP Group is liable in Brazil’s worst environmental disaster when a dam collapse a decade ago unleashed tons of toxic waste into a major river, killing 19 people and devastating villages downstream.

High Court Justice Finola O’Farrell said that Australia-based BHP was responsible, despite not owning the dam at the time, finding its negligence, carelessness or lack of skill led to the collapse.

Anglo-Australian BHP owns 50% of Samarco, the Brazilian company that operates the iron ore mine where the tailings dam ruptured on Nov. 5, 2015.

READ MORE: Mining is necessary for the green transition. Here’s why experts say we need to do it better

Sludge from the burst dam destroyed the once-bustling village of Bento Rodrigues in Minas Gerais state and badly damaged other towns. Enough mine waste to fill 13,000 Olympic-size swimming pools poured into the Doce River in southeastern Brazil, damaging 600 kilometers (370 miles) of the waterway and killing 14 tons of freshwater fish, according to a study by the University of Ulster in the U.K. The river, which the Krenak Indigenous people revere as a deity, has yet to recover.

A decade later, legal disputes have prolonged reconstruction and reparations and the river is still contaminated with heavy metals. Even as Brazil tries to define itself as a global environmental leader while hosting the U.N. COP30 climate summit, advocacy groups say the dam collapse is a reminder of industry-friendly policies that have ecological protection.

Victims of the disaster called the ruling a historic victory in seeking justice.

“We had to cross the Atlantic Ocean and go to England to finally see a mining company held to account,” said Mônica dos Santos of the Commission for Those Affected by the Fundão Dam.

Gelvana Rodrigues, whose 7-year-old son, Thiago, was killed in a mudslide, celebrated the step forward and said she wouldn’t rest until those responsible are punished.

“The judge’s decision shows what we have been saying for the last 10 years: it was not an accident, and BHP must take responsibility for its actions,” Rodrigues said.

The judge agreed with lawyers representing 600,000 Brazilians and 31 communities in the class-action case who argued that BHP was heavily involved in the Samarco operation and could have prevented the disaster, but instead encouraged raising the dam to allow more production.

“The risk of collapse of the dam was foreseeable,” O’Farrell wrote in the 222-page decision. “It is inconceivable that a decision would have been taken to continue raising the height of the dam in those circumstances and the collapse could have been averted.”

BHP said that it plans to appeal.

The claimants are seeking 36 billion pounds ($47 billion) in compensation, though the ruling only addressed liability. A second phase of the trial will determine damages.

The case was filed in Britain because one of BHP’s two main legal entities was based in London at the time.

The trial began in October 2024, just days before the federal government in the South American country reached a multibillion-dollar settlement with the mining companies.

Under the agreement, Samarco — which is also half owned by Brazilian mining giant Vale — agreed to pay 132 billion reais ($23 billion) over 20 years. The payments were meant to compensate for human, environmental and infrastructure damage.

BHP had said the U.K. legal action was unnecessary, because it duplicated matters covered by legal proceedings in Brazil.

The judge ruled that those who were compensated in the settlement in Brazil could still bring claims, though they might be limited by any waivers they signed.

Brandon Craig, BHP’s president of Minerals Americas, said that nearly half of the claimants could be eliminated from the group because of settlement agreements they signed in Brazil.

BHP shares fell more than 2% on the London market after the ruling and the company said that it would update its financial provisions.

Shopify (SHOP) shares have seen some volatility recently, catching the attention of investors looking for signs of broader shifts in e-commerce demand. After trending lower over the past month, the stock is drawing more questions about valuation.

See our latest analysis for Shopify.

Shopify’s 1-year total shareholder return clocks in at 34.6%, while the share price has climbed more than 35% year-to-date. Still, after a hot run earlier this year, recent weeks have seen momentum fade a bit with a 7-day share price drop of 4.2% and a 30-day decline of 6.5%. Investors seem to be reassessing growth prospects as the company navigates a dynamic e-commerce landscape.

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The question now is whether Shopify’s recent pullback signals an attractive entry point for long-term investors, or if expectations for future growth are already reflected in the share price. Is there real upside left to capture, or is the market one step ahead?

Shopify’s most-followed narrative sets its fair value at $165.87, about 12% above the recent close of $146.04. This suggests that, even after a recent dip, there could be meaningful upside left if the narrative’s expectations play out as forecasted.

Rapid international expansion, upmarket focus, and financial ecosystem growth are diversifying revenue streams and increasing resilience amid evolving digital commerce trends. Aggressive integration of AI and emerging retail channels is boosting merchant acquisition, efficiency, and margins. This is positioning Shopify as a central digital commerce enabler.

Read the complete narrative.

What’s driving this bullish outlook? The numbers behind this valuation hinge on ambitious growth for both revenue and earnings, plus a profit multiple that puts Shopify in rare company among tech stocks. Want to find out which hidden levers and key assumptions push consensus fair value higher than the market price? Dig deeper to see what underpins this upbeat forecast.

Result: Fair Value of $165.87 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, intensifying competition from e-commerce giants and global regulatory hurdles could put pressure on Shopify’s growth, margins, and long-term outlook.

Find out about the key risks to this Shopify narrative.

While the consensus fair value hints at upside, our comparative multiples approach signals caution. Shopify currently trades at a price-to-earnings ratio of 106.8x, which is well above the US IT industry average of 31.3x, the peer average of 40.7x, and the fair ratio of 51.4x. Such a high premium suggests the stock is priced for exceptional growth, leaving less room for error if expectations fall short. Is this premium justified, or will market sentiment eventually recalibrate?

See what the numbers say about this price — find out in our valuation breakdown.

If you see things differently or want to follow your own instincts, it’s easy to dig into the details yourself and assemble a narrative in minutes. Do it your way

A great starting point for your Shopify research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.

Smart investors never stop searching for the next breakout play or steady growth opportunity. Don’t miss your chance to rethink your watchlist with these proven ideas:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include SHOP.

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