Vale Settles With SEC Over Dam Collapse Complaints for $55.9 Million
29 Marzo 2023 - 6:50AM
Noticias Dow Jones
By Jeffrey T. Lewis
SÃO PAULO--Vale SA settled a lawsuit filed last year by the U.S.
Securities and Exchange Commission for making false and misleading
claims about the safety of the Brazilian iron miner's dams before
the collapse in January 2019 of the tailings dam in the town of
Brumadinho.
Vale agreed to pay the SEC $55.9 million to settle the suit
without admitting or denying the claims made by the market
regulator, the company said Tuesday evening. In return, the SEC
won't oppose Vale's motion to reject all allegations the iron ore
miner acted with fraudulent or reckless intent regarding the
company's communications, Vale said.
The dam's collapse at Brumadinho sent a wave of mud crashing
over adjacent Vale facilities and into the nearby town, claiming
270 lives, many of them Vale employees working nearby.
The SEC filed the suit in April 2022, alleging that Vale had
manipulated safety audits and obtained fraudulent stability
certificates. The SEC also alleged when it filed the suit that Vale
was for years aware that the Brumadinho dam didn't meet dam-safety
standards.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
March 29, 2023 08:35 ET (12:35 GMT)
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