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Brazil: US judge says class action suits against Petrobras can move forward

By  |  February 11, 2016

A US federal judge has ruled that Brazil’s Petrobras must face class action lawsuits filed by investors looking to recover losses tied to the company’s ongoing corruption scandal.

In a decision released on US District Judge Jed Rakoff of Manhattan granted class action status to two classes of plaintiffs who brought suits against Petrobras, Reuters said.

One of plaintiff classes covers Petrobras securities purchased from January 2010 to July 2015 and will be headed by UK-based Universities Superannuation Scheme.

The second class covers securities that were purchased in 2013 and 2014 and will be led by North Carolina’s treasurer and the Employees’ Retirement System of Hawaii, Reuters said.

Judge Rakoff appointed Pomerantz LLP to represent both classes.

Full content: Reuters

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