Cobalt Wants Redo Of Class Cert. In Investors' Bribe Case

By Michael Phillis (July 14, 2017, 1:55 PM EDT) -- Cobalt International Energy Inc. asked a Texas federal judge on Thursday to rethink an order that granted class certification to hundreds of investors suing the company for allegedly bribing Angolan officials and making misrepresentations that cost the investors billions, arguing a recent U.S. Supreme Court decision changed the case's calculus.

Cobalt argued that when U.S. District Judge Nancy F. Atlas approved the investors' motion for class certification in mid-June, it was before the Supreme Court decision in California Public Employees Retirement System v. ANZ Securities, Inc., which detailed statute of repose requirements under the Securities Act. That decision meant that the...

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