Cobalt Investors Seek $147M Deal In Angolan Oil Bribe Row
Law360 (October 12, 2018, 9:37 PM EDT) -- A class of Cobalt International Energy investors urged a Texas federal judge Friday to approve a $146.9 million settlement in a securities suit claiming the now-bankrupt company bribed Angolan officials and made misrepresentations that cost the investors billions.
Under the agreement, anyone who bought Cobalt securities between March 2011 and November 2014 and took losses would see a portion of the cash payout.
"Plaintiffs are confident that there is ample evidence substantiating the control person and insider trading claims," the class said in its unopposed motion for preliminary approval of the proposed settlement. "Notwithstanding the strength of their case against these...
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