SEC SUES BRAZILIAN MINING COMPANY OVER DAM SAFETY
The U.S. Securities and Exchange Commission (SEC) sued Brazilian mining company Vale for allegedly “making false and misleading claims about the safety of its dams” leading up to the January 2019 collapse of the Brumadinho dam (SEC). The collapse killed 270 people, released close to 12 million cubic tons of mining waste, and caused incalculable social and environmental damage. Vale has since spent billions on compensation and safety improvements, and has lost more than $4 billion in market capitalization.