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Rio Tinto settles with SEC in long-running fraud case

Image of a hardhat saying "Rio Tinto."
Photo: Aaron Bunch/Getty Images

Julie DiMauro

1 min read
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Company to pay $28m fine after discovery that purchased assets were overvalued by more than 80%.

Rio Tinto, a British-Australian multinational company and the world’s second-largest metals and mining corporation, has agreed to pay a $28m civil fine to settle an SEC lawsuit that accused it of fraud in its handling of a failed investment in a Mozambique coal project.

Tom Albanese, the company’s former CEO,

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