Vale to pay $55.9M in SEC settlement over dam disclosures
By 
Adrianne Appel2023-03-29T17:02:00
Brazilian mining company Vale agreed to pay $55.9 million to settle Securities and Exchange Commission (SEC) charges it issued false and misleading statements regarding the safety conditions of its dams.
Vale, one of the world’s largest iron ore producers, hid in public disclosures filed with the SEC between October 2016 and December 2018 evidence that its dams, most notably its Brumadinho dam, did not meet safety standards, according to the agency’s complaint published last April. The Brumadinho dam collapsed in January 2019, killing 270 people.
The settlement, announced Tuesday, is subject to approval by the U.S. District Court for the Eastern District of New York. Vale would pay a $25 million penalty and disgorgement and prejudgment interest of $30.9 million.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefSEC fines BlackRock $2.5M over inaccurate investment disclosures
BlackRock Advisors agreed to pay $2.5 million as part of a settlement with the Securities and Exchange Commission addressing allegations the firm inaccurately described investments a fund it advised made in a now-defunct film production company.
-
News BriefBetterment to return $9M to clients in SEC material misstatement case
New York-based investment adviser Betterment agreed to pay $9 million to settle charges levied by the Securities and Exchange Commission over material misstatements and omissions related to its automated tax loss harvesting service.
-
ArticleJoining the dots between ESG and corruption
A report from Transparency International UK sets out the case for why business integrity and corruption should be considered as core issues in the context of impact environmental, social, and governance investing.
More from Regulatory Enforcement
-
ArticleFATF focus on criminal asset recovery points to a more investigatory role for compliance
Global organised crime is booming, and only 1 to 2 percent of the $4 trillion black economy is intercepted, according to figures from the Financial Action Task Force. Its new guidance suggests that countries should focus on rapid investigations, collaborative intelligence gathering, and confiscating the proceeds of criminal activity.
-
ArticleCrypto network Paxful will plead guilty to BSA violations, pay $4M fine, shut down
Paxful, a crypto peer-to-peer network, will plead guilty to multiple federal criminal charges related to violations of the Bank Secrecy Act (BSA), among others. The plea agreement follows years of scrutiny from regulators over anit-money laundering (AML) compliance failures.
-
ArticleFormer Credit Suisse compliance officer charged with money laundering
A compliance officer is facing charges for laundering $7 million in a complex legal case in Switzerland. Swiss prosecutors have charged Credit Suisse, and one of its former employees, with failing to maintain adequate controls.