Business

SEC files lawsuit against Brazilian mining giant Vale

The U.S. securities regulator accuses Vale of deliberately misleading investors about the safety of its dams. One of them collapsed in 2019, killing 270 people

sec vale brumadinho
Rescue teams work in the aftermath of the Brumadinho disaster. Photo: Eduardo Anizelli/Folhapress

The U.S. Securities and Exchange Commission today charged Vale, Brazil’s biggest mining company and a global leader in iron ore production, with “making false and misleading claims about the safety of its dams prior to the January 2019 collapse of its Brumadinho dam.” The SEC filed a Wells notice informing Vale of investigations in October 2021.

On January 25, 2019, a tailings dam owned by Vale collapsed outside the southeastern Brazilian town of Brumadinho, releasing a deluge of toxic sludge that destroyed surrounding villages and killed 270 people, among them employees of Vale’s Córrego do Feijão iron...

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