Petrobras Investors Win Cert. For 2 Classes In Bribery Suit
Law360, New York (February 2, 2016, 9:57 PM EST) -- A New York federal judge agreed Monday to certify two classes of investors claiming Brazilian oil giant Petrobras concealed billions of dollars in bribes and kickbacks, finding a class action is still appropriate even though hundreds of investors have filed their own suits.
U.S. District Judge Jed S. Rakoff signed off on the order, filed Tuesday, certifying two classes of investors who claim their Petroleo Brasileiro SA shares lost value after the decadelong scheme was revealed, saying that the multiple individual suits filed by over 400 potential class members are evidence that a class action is appropriate.
“The volume of opt-outs...
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!