Investors Get Class Cert. In Angola Oil Bribe Suit
By Bonnie Eslinger (June 15, 2017, 6:48 PM EDT) -- A Texas federal judge granted class certification Thursday to hundreds of investors suing Cobalt International Energy Inc. for allegedly bribing government officials in Angola to get oil-drilling permits and then making misrepresentations to stock and bond investors that led to billions in losses.
In approving the investor's motion for class certification, U.S. District Judge Nancy F. Atlas noted that the "defendants admit that there are common issues of law and fact, such as whether the defendants made misrepresentations [and] whether those misrepresentations were material."
The complaint, first filed in November 2014, alleges that Cobalt obtained access to its Angolan wells by...
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