Oaktree Hit With $800M Suit Over Venezuela Contracts

Law360, New York (June 8, 2011, 6:03 PM EDT) -- Kaplan Industry Inc. sued Oaktree Capital Management LP in Florida on Wednesday for more than $800 million, claiming an Oaktree predecessor violated a consortium agreement by surreptitiously offering lower prices to a joint client, a Venezuelan oil company.

In the suit, Panama-based Kaplan accuses Gulmar Offshore Middle East LLC, which Oaktree acquired in August, of breaching an agreement that allowed the companies to enter into three contracts worth $1 billion. Kaplan and Oaktree contracted with Petroleos de Venezuela SA, a Venezuelan government-owned oil company, to provide...
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