Banks Ask 2nd Circ. To Nix Petrobras Class Certification

Law360, New York (July 22, 2016, 1:52 PM EDT) -- A group of financial institutions that includes JPMorgan Chase Inc., Merrill Lynch Pierce Fenner & Smith Inc. and Citigroup Global Markets Inc. urged the Second Circuit on Thursday to toss out a class certification in a New York shareholder suit against Petroleo Brasileiro SA, saying that it's impossible to determine who is in the class.

U.S. District Judge Jed Rakoff in February certified two classes of investors who claim their Petrobras shares lost value after the scheme was revealed, one making allegations under the Exchange Act and the other under the Securities Act. Petrobras and its fellow defendants appealed to the Second Circuit,...

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Case Title

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Case Number

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Court

Appellate - 2nd Circuit

Nature of Suit

3850 STATUTES-Secur Comm Exchange

Date Filed

June 15, 2016

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