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...

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