Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Thailand Inflation Remains Negative for 10th Straight Month in January 
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm 
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
South Korea Assures U.S. on Trade Deal Commitments Amid Tariff Concerns 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals 
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:
