$787M Petrobras Contract Suit Can Proceed: 5th Circ.

Law360, New York (February 4, 2011, 4:02 PM EST) -- The Fifth Circuit has rejected a bid by Petroleo Brasileiro SA to throw out a lawsuit brought by Transcor Astra Group SA, which alleges the Brazilian oil giant owes it $787 million for breaching a purchase agreement.

The U.S. Court of Appeals for the Fifth Circuit issued the unpublished opinion Thursday, saying the Foreign Sovereign Immunities Act does not exempt Petrobras — which is partially controlled by the Brazilian government — from being sued in U.S. courts. The decision upholds a ruling from the district court...
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