SEC Charges Brazilian Mining Company with Misleading Investors about Safety Prior to Deadly Dam Collapse

SEC

The Securities and Exchange Commission today charged Vale S.A., a publicly traded Brazilian mining company and one of the world’s largest iron ore producers, with making false and misleading claims about the safety of its dams prior to the January 2019 collapse of its Brumadinho dam. The collapse killed 270 people, caused immeasurable environmental and social harm, and led to a loss of more than $4 billion in Vale’s market capitalization. read more »

Archegos stock manipulation scheme was ‘historic,’ U.S. attorney says

NEW YORK TIMES

The sudden and stunning collapse of the once-obscure private investment firm Archegos Capital Management sent shock waves through the stock market last year and left Wall Street banks with $10 billion in losses almost overnight. read more »

Lawmakers Dismiss McKinsey’s Apology on Opioid Crisis as ‘Empty’

NEW YORK TIMES

The top executive at McKinsey & Company, appearing on Wednesday for the first time before Congress to answer for the consulting firm’s role in fanning the opioid crisis, came under sharp criticism from Democratic lawmakers. One likened the firm’s earnings from advising Purdue Pharma and other pharmaceutical companies to “blood money” from drug traffickers. read more »