Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Vale Loses Bid to Shut Down Investors’ 2019 Dam Collapse Suit

May 21, 2020, 6:04 PM

Vale SA must face a would-be class suit accusing it of lying to investors about its commitment to safety before one of its dams collapsed in 2019 and killed around 270 people, a New York federal judge said.

The Brazilian mining company’s investors sufficiently alleged that Vale told them its dams were stable, it monitored for risks, and it prioritized safety, when the company actually “disregarded persistent red flags” ahead of the collapse, the U.S. District Court for the Eastern District of New York said Wednesday.

Vale argued that the complaint was built on its failure to prevent the dam ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.