CORRECTED: Gates Foundation Trust Sues Petrobras, PwC For Securities Fraud

Law360, New York (September 25, 2015, 6:55 PM EDT) -- The Bill and Melinda Gates Foundation Trust filed suit Thursday in New York federal court against Petroleo Brasileiro SA and PricewaterhouseCoopers Auditores Independentes, accusing the oil giant of a “pervasive bribery and money laundering scheme,” ignored by auditor PwC, that overstated the value of assets and profitability by at least $17 billion.

The Gates Foundation Trust, which is joined in the suit by plaintiff WGI Emerging Markets Fund LLC — manager of the foundation’s investments in Petrobras — asserts several claims of fraud and negligence against both defendants, arising out of a decade-long scheme to funnel bribes and kickbacks into the...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!