Civil case
Securities and Exchange Commission v. Vale S.A.
- Authority
- US District Court for the Eastern District of New York
- Case number
- Not stated in the sources read
- Filed or opened
- 28 April 2022
- Organization
- Vale S.A.
- Current stage
- Settled on 28 March 2023 without admitting or denying, subject to court approval
- Outcome
- Settlement of US$55.9 million without admitting or denying the claims
Decisions and steps
Claims this case bears on
- Partly supported72Vale misled investors about dam safety by relying on fraudulent stability certificates and stating that all its dams were certified stable, as the SEC charged in April 2022.Regulator statement, 28 April 20225 records citedDisclosure
- Supported88Vale said in March 2023 that it would pay US$55.9 million to the SEC without admitting or denying the settled claims.Company statement, 28 March 20232 records citedDisclosure
Sources
- S2Tier A Brazilian Mining Company to Pay $55.9 Million to Settle Charges Related to Misleading Disclosures Prior to Deadly Dam CollapseUS Securities and Exchange Commission. Regulator press release. 28 March 2023.Supports the settlement amounts and the need for court approval. It does not state an admission.
- S3Tier B Vale announces agreement with the United States Securities and Exchange CommissionVale S.A.. Company filing. 28 March 2023.Company statement on the no admission term and the SEC's agreement not to oppose dismissal of fraud intent claims.