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New Bribery Suit's Implications For Venezuela Restructuring

Law360 (March 19, 2018, 1:42 PM EDT) -- Lawyers recently unsealed a complaint filed in the United States District Court for the Southern District of Florida on behalf of Venezuela’s state-owned oil company, Petróleos de Venezuela SA, or PDVSA, against a group of 44 oil trading companies, banks and individuals. The suit alleges that the defendants participated in a 14-year scheme to rig bids, underpay on purchases, and overcharge on sales, allegedly resulting in billions of dollars of losses to PDVSA.

According to published reports and the amended complaint in the suit, an entity...
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