U.S. judge denies Rio Tinto request to dismiss SEC fraud case GlobeBusiness
A U.S. judge on Monday rejected 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.
Rio Tinto’s market value is more than $93 billion, making the company one of the biggest in the SEC’s crosshairs. By overvaluing the assets, despite an internal assessment that they were worth negative $680 million, Rio Tinto was able to raise more than $5.5 billion from unsuspecting U.S. investors, according to the SEC.
“Through these statements, Albanese was misrepresenting material facts to investors,” Torres wrote in her 50-page decision.
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