This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.theguardian.com/world/2016/feb/02/petrobras-brazil-oil-company-bribery-kickbacks-scandal-lawsuit
The article has changed 5 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Petrobras faces class-action lawsuit in bribery and political kickbacks scandal | |
| (35 minutes later) | |
| A US judge has ordered Petrobras, the state-run Brazilian oil company, to face class-action litigation by investors seeking to recoup billions of dollars in losses stemming from a bribery and political kickback scandal. | A US judge has ordered Petrobras, the state-run Brazilian oil company, to face class-action litigation by investors seeking to recoup billions of dollars in losses stemming from a bribery and political kickback scandal. |
| In a decision made public on Tuesday, US district judge Jed Rakoff in Manhattan certified two classes of plaintiffs, saying their claims are similar enough to be pursued as groups. | In a decision made public on Tuesday, US district judge Jed Rakoff in Manhattan certified two classes of plaintiffs, saying their claims are similar enough to be pursued as groups. |
| One class bought various Petrobras securities from January 2010 to July 2015 and will be led by Germany’s Union Asset Management Holdings AG. The other bought debt securities from offerings in 2013 and 2014, and will be led by North Carolina’s treasurer and the Employees’ Retirement System of Hawaii. | One class bought various Petrobras securities from January 2010 to July 2015 and will be led by Germany’s Union Asset Management Holdings AG. The other bought debt securities from offerings in 2013 and 2014, and will be led by North Carolina’s treasurer and the Employees’ Retirement System of Hawaii. |
| “Petrobras was a massive company with investors around the globe,” Rakoff wrote in a 49-page decision. “Notwithstanding Petrobras’s size and its numerous and far-flung investors, the interests of the class members are aligned and the same alleged misconduct underlies their claims.” | “Petrobras was a massive company with investors around the globe,” Rakoff wrote in a 49-page decision. “Notwithstanding Petrobras’s size and its numerous and far-flung investors, the interests of the class members are aligned and the same alleged misconduct underlies their claims.” |
| Class certification can make it easier for investors to recoup larger sums than if they sued individually, though it does not guarantee they will be recover. | Class certification can make it easier for investors to recoup larger sums than if they sued individually, though it does not guarantee they will be recover. |
| Petrobras, whose formal name is Petroleo Brasileiro SA, has been accused of inflating the value of more than $98bn of its stock and bonds through years of corruption. | Petrobras, whose formal name is Petroleo Brasileiro SA, has been accused of inflating the value of more than $98bn of its stock and bonds through years of corruption. |
| Its market value has plunged to below $20bn from nearly $300bn fewer than eight years ago, Reuters data show. | Its market value has plunged to below $20bn from nearly $300bn fewer than eight years ago, Reuters data show. |
| Rakoff appointed the law firm Pomerantz LLP to represent both investor classes. It would share in any recoveries. | Rakoff appointed the law firm Pomerantz LLP to represent both investor classes. It would share in any recoveries. |