Vale drops $1.2 Billion damages claim during 11 week Fraud trial

15 February, 2022

Proceedings brought by Vale SA, one of the world’s largest international mining companies, against eight Defendants including Benjamin Steinmetz were today dismissed by Mr Justice Andrew Baker four weeks into an eleven week trial in the Commercial Court.

The dismissal followed Vale’s request to discontinue the proceedings on an admission during trial that all of its pleaded claims brought were out of time under the applicable limitation regime. This admission was made after three of Vale’s witnesses had been cross-examined and Vale had given late disclosure of documents previously said to be privileged.  The effect of the dismissal is to bring to an end Vale’s claims, including a claim for $1.2bn in damages, and to prevent Vale seeking to relitigate any its claims.

Two of the Defendants, the Balda Foundation and Nysco Management Limited, were represented at trial by Ruth den Besten, instructed by Nicola Boulton and Elizabeth Seborg of PCB Byrne LLP.  Paul Stanley QC, Stephen Houseman QC and Anton Dudnikov also acted at various stages or for specific hearings during the course of proceedings, together with Tim Akkouh, David Peters and Christopher Lloyd.