A U.S. judge on Monday rejected Rio Tinto Plc's bid to dismiss a Securities...
NEW YORK - A U.S. judge on Monday rejected Rio Tinto Plc’s bid to dismiss a Securities and Exchange Commission lawsuit accusing the Anglo-Australian mining company of civil fraud in its handling of a failed investment in a Mozambique coal project.
Torres narrowed the main fraud claim against Rio Tinto and Albanese to focus on the former CEO’s statements about Mozambique growth prospects, finding no proof they intended to overvalue Rio Tinto Coal Mozambique by more than $3 billion. Rio Tinto and lawyers for the defendants did not immediately respond to requests for comment. An SEC spokesman declined to comment.
Evidence included an internal May 2012 email from an RTCM executive that flagged poor communication between ministries, and the alleged “influence of corruption on decision-making.” “Through these statements, Albanese was misrepresenting material facts to investors,” Torres wrote in her 50-page decision.
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