Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Global Markets Slide as Tech Stocks Sink, Yields Rise, and AI Concerns Deepen 
Dollar Struggles as Markets Eye Key Central Bank Decisions and Global Rate Outlooks 
South Korea Extends Bond Market Stabilization Measures Amid Rising Financial Risks 
Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
Japan Business Sentiment Hits Four-Year High, Boosting Expectations of BOJ Rate Hike 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
Indonesia–U.S. Tariff Talks Near Completion as Both Sides Push for Year-End Deal 
Asian Technology and Chipmaking Stocks Slide as AI Spending Concerns Shake Markets 
Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly 
BOJ Expected to Deliver December Rate Hike as Economists See Borrowing Costs Rising Through 2025 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
Overview of Lawsuit Dismissal
A U.S. District Judge, Lewis Liman, dismissed some claims in a lawsuit accusing Rio Tinto and its former CEO, Jean-Sebastien Jacques, of defrauding investors. The case relates to delays and cost overruns at the Oyu Tolgoi copper and gold mine in Mongolia, a project worth $5.3 billion.
Allegations and Ruling
The lawsuit, led by Pentwater Capital Management, accused Rio Tinto and Jacques of concealing delays in a key project milestone known as the "draw bell" blasting. However, Judge Liman ruled that Rio Tinto was not liable for the statement regarding the schedule, as it was Turquoise Hill Resources, not Rio Tinto, that confirmed the timeline. Turquoise Hill owned 66% of the Oyu Tolgoi mine, with Mongolia holding the remainder.
Liman also dismissed fraud claims against Jacques, stating that his statements in October 2018 about the mine's timeline appeared to be based on his belief in the accuracy of Rio Tinto's schedule.
Legal Outcome
The judge allowed some claims against Jacques to proceed, as shareholders alleged that he was aware of delays when the class period started in 2018. The lawsuit seeks damages on behalf of Turquoise Hill's shareholders, covering the period from July 17, 2018, to July 31, 2019.
Background on Rio Tinto's Leadership
Jacques, who led Rio Tinto for four years, resigned in March 2021 after facing shareholder pressure due to the company's destruction of Aboriginal rock shelters in Western Australia. Despite the controversy, Rio Tinto was not found to have broken any laws regarding the Juukan Gorge incident.
Case Details
The lawsuit is titled In re Turquoise Hill Resources Ltd Securities Litigation, U.S. District Court, Southern District of New York, No. 20-08585.
For further details, you can read more from these sources:
