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Investors file direct actions in Brazil corruption scandal

We have filed opt-out securities fraud actions in Manhattan federal court on behalf of several U.S. and European institutional investors against Petrobras, the Brazilian oil conglomerate, arising out of a decade-long bribery and kickback scheme that has been called the largest corruption scandal in Brazil’s history. The action alleges that Petrobras concealed bribes to senior officers and government officials and improperly capitalized these bribes as assets on its books in order to inflate the value of the company's refineries.  To date, many of these officers and officials have pled guilty before the Brazilian courts to charges stemming from their participation in the alleged scheme. 

On October 15, 2015, District Judge Rakoff denied Petrobras’ motions to dismiss our clients’ complaints and set trial for the Fall of 2016.