March 28, 2023
Posted March 28, 2023
One of the largest iron ore producers in the world, Brazilian mining company Vale S.A., has agreed to pay $55.9 million to settle charges of making false and misleading disclosures concerning the stability of its dams. One of the dams in particular, Brumadinho, failed to meet international safety standards and subsequently collapsed in January 2019, killing 270 people. The settlement consists of $25 million in civil penalties and disgorgement, and $30.9 million in pre-judgment interest.
Tagged in: Financial and Investment Fraud,