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...
To view the full article, register now.




Case Information

Case Title

Kaplan Industry, Inc. v. Oaktree Capital Management, L.P.

Case Number



Florida Southern

Nature of Suit

Contract: Other


Ursula Ungaro

Date Filed

June 8, 2011


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.