Cobalt Can't Use CalPERS Ruling To Toss Cert., Judge Says

Law360, Houston (August 23, 2017, 9:30 PM EDT) -- A federal judge in Texas on Wednesday denied Cobalt International Energy Inc.'s request to reconsider class certification in an investors' suit stemming from the company's alleged bribery of Angolan officials, writing that Cobalt's reliance on a recent U.S. Supreme Court decision to support its argument is "misplaced."

Senior U.S. District Judge Nancy F. Atlas wrote in her 13-page memorandum and order that Cobalt's reliance on the decision in California Public Employees Retirement System v. ANZ Securities Inc. is misplaced because it is not "an intervening change in controlling law." Cobalt had argued the opinion had changed the case's calculus, because Judge Atlas...

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