US SEC dismisses lawsuit against Rio Tinto ex-CFO [Yahoo! Finance Canada]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
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Source: Yahoo! Finance Canada
Securities and Exchange Commission on Friday dismissed its lawsuit against a former Rio Tinto ?chief financial officer, ending a long-running fraud case over a bad ?investment in a Mozambique coal project by one of the world's largest mining companies. In a Manhattan federal ?court filing, the SEC said it was dismissing its civil case against Guy Elliott "in the exercise of its discretion," without addressing the merits of its remaining claims. Friday's dismissal ends a more than eight-year-old case in which Rio Tinto agreed to pay ?a $28 million civil fine and ?former chief executive Tom Albanese accepted a $50,000 fine, both in 2023. Elliott denied wrongdoing. In a joint statement, his lawyers called the dismissal "a ?complete defense victory." The SEC did not immediately respond to requests for comment. In its October 2017 complaint, the SEC accused Rio Tinto of deceiving investors about the value of Rio Tinto ?Coal Mozambique, which the Anglo-Australian company bought in
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