Petrobras Can't Arbitrate Investors Bribery Row In Brazil
By Christopher Crosby (September 21, 2018, 4:51 PM EDT) -- A Netherlands court has denied Brazilian state-owned Petrobras' bid to arbitrate investors' securities fraud claims stemming from the oil giant's massive corruption scandal, ruling instead that shareholders can proceed with a collective action in Rotterdam.
A district court in Rotterdam on Wednesday ruled in favor of international investors that have banded together under the Stichting Petrobras Compensation Foundation in a bid to force the company to cough up damages related to Operation Car Wash, the nickname Brazilian authorities gave their investigation into billions of dollars in bribes and other payments that contractors dished out to Petrobras executives, politicians and business leaders...
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