Braskem Must Face Investor Corruption Suits, NY Judge Rules

Law360, New York (March 31, 2017, 8:16 PM EDT) -- A Manhattan federal judge allowed shareholder suits against petrochemical firm Braskem SA to move forward Thursday, clearing parent company Odebrecht SA but exposing the unit to claims that it hid the crucial role of bribery in dealings with Brazilian oil giant Petrobras from other investors.

Braskem, which agreed last year to pay $957 million in fines and admit to violating the Foreign Corrupt Practices Act, has said that its statements to U.S. investors did not amount to fraud. To a limited extent, U.S. District Judge Paul A. Engelmayer agreed Thursday, saying Braskem's statements about values and principles were “inherently immaterial puffery.”...

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