Vale S.A.

The SEC charged Vale in April 2022 with misleading investors about dam safety before the Brumadinho collapse, alleging fraudulent stability certificates^S1. Vale settled in March 2023 for US$55.9 million without admitting or denying the claims^S2^S3. In Brazil, a federal court accepted criminal charges in January 2023 against Vale, the German auditor TUV SUD and 16 individuals and split the case into three proceedings^S5. One individual was later excluded on habeas corpus, leaving 15^S6. Evidence hearings began on 23 February 2026 and are set to run until May 2027^S6^S7. In February 2021 Vale signed a global settlement with Minas Gerais and public authorities valued at about BRL 37.7 billion, which excludes individual damages^S4.

Also known as: Vale, Companhia Vale do Rio Doce
Headquarters: Brazil
Records from: Brazil, United States
Current status: Operating mining company. Its US SEC case over dam safety disclosures was settled in March 2023 for US$55.9 million without admitting or denying the claims^S2^S3. The Brazilian federal criminal case over the Brumadinho collapse is in the evidence phase, with hearings scheduled from 23 February 2026 to 17 May 2027^S6^S7.

Scope. This record covers the January 2019 Brumadinho dam collapse and the records that followed. The 2015 Fundao dam failure at Samarco, a Vale and BHP joint venture, is covered under BHP and is not assessed here.

Claims assessed

4 claims. Scores grade the evidence for each claim, not the organization.

Partly supported72
Vale 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
Unresolved62
Brazilian federal prosecutors charged that Vale and TUV SUD colluded to issue false stability declarations for the Brumadinho dam, and that 16 people committed qualified homicide.
Press report, 26 January 20234 records citedSafety
Supported88
Vale 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
Supported73
Vale said in February 2021 that it signed a global settlement for Brumadinho with the State of Minas Gerais and public authorities worth about BRL 37.7 billion.
Company statement, 4 February 20212 records citedSafety

Cases and proceedings

Securities and Exchange Commission v. Vale S.A.US District Court for the Eastern District of New York. Civil. Not stated in the sources read.Stage: Settled on 28 March 2023 without admitting or denying, subject to court approval
- 28 March 2023 Settlement for US$55.9 million announced^S2^S3
Federal Public Prosecutor's Office v. Vale S.A., TUV SUD and individual defendants2nd Federal Criminal Court of Belo Horizonte, Brazil. Criminal. Not stated in the sources read.Stage: Evidence hearings under way since 23 February 2026, scheduled to end on 17 May 2027
- 24 January 2023 Complaint accepted and case split into three proceedings^S5
- 20 October 2025 Hearing calendar set^S6

Responses on record

Vale S.A., 28 March 2023, on Vale misled investors about dam safety by relying on fraudulent stability certificates and...
Vale said it settled without admitting or denying the claims and continues to remediate the Brumadinho damage.^S3

Revision history

25 October 2026 Profile and 4 assessments first published. Records checked to 25 October 2026.

Source records

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.
S5Tier C Tragédia em Brumadinho: processo criminal será desmembrado em trêsInfoMoney (Agencia Brasil). Press report. 26 January 2023.Agencia Brasil report on acceptance of the charges, the 16 individual defendants and the split of the case. Credited to the agency, no named reporter. The page title continues after a semicolon, which is cut here.Link working, checked 25 October 2026
S6Tier C Justiça define calendário, e audiências de testemunhas no processo criminal por Brumadinho vão até 2027O Fator. Press report. 21 October 2025.Report by Lucas Ragazzi on the hearing calendar. It counts 15 defendants and says a former Vale chief executive was excluded by a habeas corpus ruling under appeal.
S7Tier D Criminal trial opens in Brazil against Vale and TÜV Süd employees: Corporate accountability under scrutinyEuropean Center for Constitutional and Human Rights (ECCHR). Press report. 23 February 2026.Statement by an NGO that supports victims' families. Supports the trial opening date only, not the merits. Its count of 16 employees matches the original charge.Link working, checked 25 October 2026
S1Tier A SEC Charges Brazilian Mining Company with Misleading Investors about Safety Prior to Deadly Dam CollapseUS Securities and Exchange Commission. Regulator press release. 28 April 2022.States the SEC's allegations about certificates and disclosures. These are allegations, not findings.
S4Tier B Vale informs on the Global Settlement for BrumadinhoVale S.A.. Company filing. 4 February 2021.Company statement on the value, parties and exclusions of the 2021 settlement. The agreement text was not read.