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Vale Investor Class Moves Forward Over Fatal Brazil Dam Collapse

Jan. 12, 2022, 6:20 PM

Vale S.A. investors who say the company misled them about its safety commitment ahead of a deadly 2019 dam collapse should be allowed to move forward as a class, a federal magistrate judge in New York recommended.

Investors accuse the Brazilian mining company of telling them its dams were stable, it monitored for risks, and it prioritized safety, when Vale actually ignored red flags before the collapse, which killed 270 people. The proposed investor class meets procedural requirements, so the certification motion should be granted, according to a U.S. District Court for the Eastern District of New York magistrate judge’s ...