LONDON (dpa-AFX) - Rio Tinto has reached a court approved settlement with the U.S. Securities and Exchange Commission of a suit brought in 2017 concerning disclosure of the impairment of Rio Tinto Coal Mozambique or RTCM reflected in Rio Tinto's 2012 year-end accounts. The company will pay a US$28 million penalty to settle the charges.
Former chief executive Tom Albanese has also reached a settlement with the SEC and will pay a US$50,000 penalty, without admitting to or denying the allegations related to books and records and internal controls.
Rio Tinto settled claims brought by the Australian Securities and Investment Commission in 2022 and the United Kingdom's Financial Conduct Authority in 2017 relating to the same RTCM impairment. The U.S. Court who approved the SEC settlement previously dismissed a related private putative securities class action in 2019. An appeals court affirmed the dismissal.
RTCM was acquired in 2011 and divested in 2014.
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