Rio Tinto Reaches A Court Approved Settlement With SEC; To Pay $28M Penalty
Portfolio Pulse from Benzinga Newsdesk
Rio Tinto has settled a lawsuit with the SEC regarding the impairment disclosure of Rio Tinto Coal Mozambique in its 2012 accounts. The court-approved settlement requires Rio Tinto to pay a $28M penalty.
November 21, 2023 | 9:35 pm
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NEGATIVE IMPACT
Rio Tinto has agreed to pay a $28M penalty to settle a lawsuit with the SEC over its 2012 financial disclosures related to Rio Tinto Coal Mozambique.
The settlement of the lawsuit with the SEC is likely to have a negative short-term impact on Rio Tinto's stock price due to the financial penalty and the negative sentiment surrounding legal issues. However, the resolution of the lawsuit may also reduce uncertainty for investors.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100