2023-03-28 20:14:18 ET
Vale ( NYSE: VALE ) agreed to pay $55.9M to settle charges stemming from its allegedly false and misleading disclosures about the safety of its dams prior to the 2019 collapse of the Brumadinho dam in Brazil that killed 270 people, the U.S. Securities and Exchange Commission said Tuesday.
The SEC sued Vale ( VALE ) in April, alleging the dam did not meet internationally recognized safety standards even as the company's public reports misled local governments, communities and investors.
Vale ( VALE ) said it settled the charges without admitting or denying the SEC claims, as it "continues with its commitment to remediate and repair the damage caused by the dam collapse in Brumadinho in 2019."
Despite rising debt, Vale ( VALE ) "will still be able to generate a decent dividend yield that may appeal to investors," Ellsworth Research writes in an analysis published recently on Seeking Alpha .
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Vale to pay $56M to settle SEC dam safety charges