Grupo Mexico Calls Southern Copper Suit Meritless, Untimely

Grupo Mexico SAB de CV and its billionaire CEO say a lawsuit alleging they’ve exploited subsidiary Southern Copper Corp. involves time-barred claims that failed to show conflicts of interest or breaches of its corporate charter.

The derivative suit targets Grupo Mexico, which dominates Mexico’s mining, construction, and rail industries, and CEO German Larrea Mota-Velasco, the country’s second-richest man. Grupo Mexico owns 89% of Southern Copper through a subsidiary, while the rest trades on exchanges in the U.S. and Peru.

The heavily redacted complaint was filed in April in Delaware Chancery Court by a Southern Copper shareholder. It also names the ...