Oil Cos. Prevail In Venezuela Bribery Suit Brought By Trust

Law360 (March 11, 2019, 2:09 PM EDT) -- A Florida federal judge dismissed a suit alleging a bribery scheme against Venezuela's state-owned oil company and its affiliates after ruling that the litigation trust that the company set up to bring the suit does not have standing to pursue the claims.

U.S. District Judge Darrin Gayles adopted a magistrate's recommendation to dismiss the suit brought by a litigation trust set up by Petroleos de Venezuela SA, or PDVSA, and found that the assignment of claims in the action was of "questionable authenticity and legality."

He pointed to the fact that the PDVSA individuals who signed the trust agreement were unavailable...

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