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US Court Victory For Rio Tinto As Class Action Dismissed

Coal News - Published on Thu, 06 Jun 2019

Image Source: Rio Tinto
Sydney Morning Herald reported that global miner Rio Tinto has had a significant victory in the United States, with a New York court dismissing an investor class action against it over a costly, failed mining venture. US District Court of New York Judge Analisa Torres dismissed the complaint against the defendants, listed as Rio Tinto, former Rio chief executive Mr Tom Albanese and former chief financial officer Mr Guy Elliott. The judge ruled that some of the complaints made in the lawsuit were too old under US law to proceed, while one claim was dismissed because of a failure to allege falsity and another because of a failure to allege both falsity and materiality.

The lawsuit, filed in 2017 by Seattle-based firm Hagens Berman, was over Rio's failed investment in a Mozambique coal project which ran into a number of setbacks and eventually cost the miner billions of dollars.

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Posted By : Sanju Moirangthem on Thu, 06 Jun 2019
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