Mining Co. Inks $25M Deal To End Investors' Dam Failure Suit
Law360 (February 10, 2020, 3:28 PM EST) -- Brazil's Vale SA has reached a $25 million settlement to end investors' proposed class action accusing the world's largest iron ore producer of lying about the safety of a dam that collapsed in 2015 and killed 19 people.
The Alameda Employees' Retirement Association and Orange County Employees Retirement System asked a New York federal judge on Friday to sign off on the deal to resolve claims the mining company violated federal securities law by making conflicting statements about risk mitigation policies and safety operations before and after the Fundão Dam collapsed.
"The proposed $25 million cash recovery represents a significant percentage...
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