SEC Fines Vale $25 Million For Misleading Environmental, Social, and Governance Disclosures
The SEC has brought charges against Vale, a mineral extraction and processing company based in Brazil, for allegedly making false sustainability-related disclosures. According to the SEC’s Division of Enforcement, these false disclosures were a violation of the Securities Act of 1933 and the Securities Exchange Act of 1934. If approved by the court, Vale will have to pay a civil penalty of $25 million, as well as disgorgement and pre-judgment interest totaling $30.9 million. Furthermore, the company will be permanently restrained and enjoined from committing similar violations in the future. The SEC’s case is led by Dean Conway and Michelle Zamarin with Melissa Armstrong and Sharan Custer supervising.