Cobalt Hit With Shareholder Suit Over Angola Bribery Claims

Law360, Houston (December 1, 2014, 6:42 PM EST) -- Pension funds representing a proposed class of Cobalt International Energy Inc. shareholders sued the oil exploration company on Sunday for allegedly bribing a foreign government and making misleading statements to investors, leading to billions of dollars in losses.

The suit, filed by a group of pension funds from San Antonio, Texas, and St. Lucie County, Florida, accused Cobalt of bribing the Angolan government and of not properly disclosing a Foreign Corrupt Practices Act violation, as well as misrepresenting the amount of oil in wells it was exploring,...
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