$3B Petrobras Settlement Clears Final Hurdle In 2nd Circ.

Law360 (August 30, 2019, 3:29 PM EDT) -- The Second Circuit on Friday affirmed the approval of Petrobras’ $3 billion securities class action settlement related to the Brazilian oil giant’s massive corruption scandal, providing a green light for the year-old deal to move forward.

An appellate panel wasn’t swayed by the arguments of a family of investors who objected to the settlement at the lower court and asked that it exclude claims based on foreign purchases of Petrobras securities, as they were likely meritless in the U.S.

On appeal, Joseph Gielata and his parents Richard and Emelina claimed there is a conflict in the settlement between shareholder claims and...

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