Vale Drops $1.2B Fraud Claim Against Steinmetz

By Christopher Crosby (February 14, 2022, 2:16 PM GMT) -- Vale SA abandoned its $1.2 billion fraud lawsuit against an Israeli billionaire mid-trial on Monday after attorneys for the Brazilian mining giant said they had realized the litigation had been brought too late.

Lawyers for Vale have said they accept that its lawsuit accusing Benjamin Steinmetz and his company of corruption had been brought too late. (Photo by FABRICE COFFRINI/AFP via Getty Images) Counsel for the mining giant said they had reviewed evidence and now accepted that its lawsuit, which accused businessman Benjamin Steinmetz and his mining company of corruption, had been launched after the end of the limitation period under...

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