The US Securities and Exchange Commission (SEC) filed suit against the Brazilian minerVale, for losses incurred by investors in the US derived from the collapse of the Brumadinho dam in January 2019.
According to the SEC,Valehas made “false and misleading claims about the safety of its dams prior to the January 2019 collapse of its Brumadinho dam. The collapse killed 270 people, caused immeasurable environmental and social harm, and led to a loss of more than $4 billion inVale’s market capitalization.”
The SEC added that “Valemanipulated multiple dam safety audits; obtained numerous fraudulent stability certificates; and regularly misled local governments, communities, and investors about the safety of the Brumadinho dam through its environmental, social, and governance (ESG) disclosures.”
In a statement,Vale“denies the SEC’s allegations, including the allegation that its disclosures violated US law, and will vigorously defend this case. The company reiterates the commitment it made right after the rupture of the dam, and which has guided it since then, to the remediation and compensation of the damages caused by the event.”