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...

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