NEW YORK, Nov 17 (Reuters) – Rio Tinto (RIO.L), (RIO.AX) agreed to pay a $28 million civil fine to settle a U.S. Securities and Exchange Commission lawsuit that had accused the Anglo-Australian mining company of fraud in its handling of a failed investment in a Mozambique coal project.
The SEC also settled related claims against former Rio Tinto Chief Executive Tom Albanese, who would pay a $50,000 civil fine.
Neither Rio Tinto nor Albanese admitted liability in agreeing to settle, according to papers filed on Friday with the U.S. District Court in Manhattan. The settlements require a judge’s approval.
Reporting by Jonathan Stempel in New York
Editing by Chris Reese
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