Antitrust Takeaways From The 2nd Circ. Petrobras Ruling

Law360, Fort Wayne (July 28, 2017, 7:35 PM EDT) -- The Second Circuit recently decertified two investor classes claiming Brazilian oil giant Petrobras concealed billions of dollars in bribes and kickbacks in the latest circuit court ruling to weigh in on ascertainability, a contentious issue that strikes to the core of antitrust class actions.

The three-judge panel vacated and remanded a lower court finding that the investors satisfied the predominance requirement of class certification, ruling that the district court's analysis failed to address how potential class members could provide common proof that they purchased the Petrobras securities in domestic transactions.

Importantly, in its ruling, the Second Circuit declined to subject the class members...

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